Tchenguiz, who owns 5 per cent of Sainsbury's, wants the retailer to be split in two - into an operating company and a property firm. That, he believes, would allow Sainsbury's to realise value for investors.
An opco/propco structure might well do that in the short term, but you have to ask where it would leave Sainsbury's retail business over the long stretch.
It's hard to see that its position would be strengthened, because stripped of its property assets it would be saddled with an extra financial burden in the form of rents.
During the recent takeover attempt by private equity, Sainsbury family members made clear their conviction that the business would be weakened by a separation of retail and property interests.
It looks as if the family may once again be on a collision course with investors, but the size of the stake controlled by Tchenguiz and his apparent allies means there will have to be some horse-trading.
There is a fundamental argument to be had here. What is a publicly quoted retailer for? Should big business decisions be made to appease incredibly short-term interests, or is the real investor value to be had by ensuring performance longer term?
When entrepreneurs build companies, of course they want to make money. But they also take pride in establishing a brand, winning a reputation for excellence, providing employment and making a difference in the communities where they are present.
It's an important debate and it looks likely it will be had soon.
The controversy surrounding Sports Direct's performance as a public company is highly amusing for everyone except the company's investors.
The writing was on the wall ahead of the retailer's IPO that this was a highly unusual and opaque business. Everything that's happened since confirms that.
That's not to say that Sports Direct may not be a good, even a great, company. But its characteristics and the secretive behaviour of senior management always made it unlikely that life on the Stock Exchange would be smooth.
Whatever the reality of its performance, Sports Direct looks like the sort of business that will frequently frustrate public investors.
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