Mike Ashley’s Sports Direct hires Matt Pearson as new finance boss after 18 months… but he’s only “acting” June 4, 2015 It's taken 18 months and some serious shareholder pressure, but Sports Direct has finally appointed a new finance boss… although only on an interim basis. The Mike Ashley-owned retailer has today promoted Matt Pearson to the role of acting chief financial officer with immediate effect. He also joins the board. Pearson was group [...]
BHS appoints Duff & Phelps administrators, putting 10,000 jobs at risk – but more than 30 bid enquiries have already been made April 25, 2016 More than 30 enquiries to buy BHS out of administration have been made since reports first surfaced that the business was teetering on the brink, City A.M. understands. Managing directors Philip Duffy and Benjamin Wiles were appointed joint administrators of BHS this morning, putting around 10,000 jobs at risk. In a statement Duff & Phelps [...]
Sports Direct’s share price rises after increasing US exposure with stake in Dick’s Sporting Goods and increased holding in Umbro parent Iconix January 13, 2016 Mike Ashley's Sports Direct has increased its stake in Umbro's US owner Iconix Brand Group and taken a holding in US retailer Dick's Sporting Goods, flexing its international muscles further. Sports Direct now owns just over 11.5 per cent of Iconix, which bought Umbro in 2012, having built up a position in the business since November. The retailer, which [...]
JD Sports’ share price climbs as it posts another set of record results as profits soar April 14, 2016 JD Sports Fashion is showing rival Sports Direct how to do it: sales and profit have soared to record highs in the full year, with pre-tax profits leaping 45 per cent. The figures Sales at the group rose 20 per cent to £1.8bn in the year to 31 January, while profit before tax jumped to [...]
Mike Ashley funds purchase of Chelsea development worth £900m April 19, 2015 Mike Ashley has financed a deal for a lucrative development in Chelsea that could be worth around £900m according to reports. The Newcastle United owner and Sports Direct founder is said to have provided the £200m paid by Citygrove and McLaren Properties for a development site from John Lewis. According to The Sunday Times, the money [...]
Mike Ashley is unlikely to sell Newcastle even if they’re relegated – a sports business professor explains May 18, 2015 Relegation to the Championship could be a blessing in disguise for Newcastle United fans should their team lose and Hull City win this Sunday, former chairman Freddy Shepherd has said – because it could be what finally forces the deeply unpopular Mike Ashley to hand over the club to anyone who'll take it. Read more: Newcastle [...]
Out-of-favour Tottenham winger Townsend set for £12m move to Newcastle January 26, 2016 ross mclean Tottenham exile Andros Townsend is poised to complete a move to relegation-threatened Newcastle after the two clubs agreed a £12m fee for his services. The 24-year-old, who has won 10 England caps, has made just three Premier League appearances for Spurs this season and has not featured since their Europa League clash with [...]
Sports Direct’s put options in Debenhams are starting to expire – but did Mike Ashley’s bet pay off? April 30, 2015 Sports Direct's put options are starting to expire. The question on everyone's lips is, did Mike Ashley's bet pay off? The retailer, which first took a punt on the struggling department store in 2014, has gradually increased its stake in Debenhams to 16.6 per cent back via a series of put options. A put gives [...]
BHS administration “more significant than Woolworth’s” as cost to taxpayer stacks up April 26, 2016 The collapse of BHS could be "more significant than Woolworths" – and the business is unlikely to survive in any meaningful form, experts have told City A.M. Parent company Retail Acquisitions called in administrators Duff & Phelps yesterday afternoon, a year after buying the debt-laden business from Sir Philip Green for £1. Managing directors Phil [...]
What to expect from Sir Philip Green’s appearance before MPs tomorrow June 14, 2016 The day is almost here… Sir Philip Green himself will (probably) make his appearance in front of MPs tomorrow to explain his part in the sale of BHS. So far there have been allegations of death threats, tantrums, and dramatic confrontations in hotel lobbies. As David Buik, market commentator for Panmure Gordan & Company, put it: "Wednesday’s testimony [...]