Rangers boss Graham Wallace resigns as club agrees £2m loan with investor Mike Ashley October 27, 2014 Rangers chief executive Graham Wallace has resigned after less than a year in the role, as the Scottish football club accepted a £2m loan from Newcastle owner Mike Ashley. In a statement issued this morning, Rangers' board thanked Wallace for “his contribution to the club during a difficult period”. Wallace was appointed chief executive [...]
What is a put option and how is Mike Ashley using it to bet on Tesco? September 25, 2014 Mike Ashley's Sports Direct has taken a punt on Tesco by entering into a put option agreement with Goldman Sachs. But what exactly is a put option and how is he using it to make money? In short, Sports Direct is selling the option to Goldman, meaning that if the share price goes up, [...]
Newcastle receive more TV money than every club outside top four except Liverpool June 3, 2015 Despite a wretched season that saw Newcastle only secure survival on the last day season, the Mike Ashley-owned club received more money from Premier League TV fees than every single club outside the top four and Liverpool. Read more: How much of Mike Ashley's money goes on Newcastle transfers? Newcastle received £16.2m in "facility fees" (the [...]
Mike Ashley’s Sports Direct gives up naming rights to Rangers Ibrox Stadium and loans club an extra £1m November 12, 2014 Mike Ashley has given up his rights to rename Rangers football club’s Ibrox stadium and loaned the struggling club an additional £1m. The Sports Direct owner, who also owns a stake in the Scottish club, bought the naming rights two years ago for just £1, but the deal was only revealed in September. The miniscule [...]
Sports Direct hires finance chief 18 months after Bob Mellors exit June 4, 2015 SPORTS Direct yesterday named an insider as interim chief financial officer after leaving the post vacant to the concern of shareholders for over 18 months. Matt Pearson, Sports Direct’s group financial controller, who joined the retailer from EY in 2007, has been promoted to the board with immediate effect. The retailer, controlled by Newcastle United [...]
Mike Ashley moves to oust Rangers chief Graham Wallace after taking £4.3m stake October 8, 2014 Retail tycoon Mike Ashley has bought five per cent of Scottish football club Glasgow Rangers as part of a move to oust the chief executive and a director from the board. Ashley, who owns Newcastle United and has made a series of investments in recent weeks including buying shares in Tesco and Debenhams, took the [...]
Newcastle United fans plan boycott as club’s £34m cash reserves revealed April 15, 2015 Newcastle United fans are planning to boycott their team's home match against Tottenham on Sunday, as revelations the club had more than £34.1m in cash reserves compounded already strong resentment towards owner Mike Ashley. Last month the club announced record profits of £18.7m yet it was revealed in the full accounts registered with Companies House [...]
Newcastle to pay McClaren trophy bonus June 10, 2015 FORMER England manager Steve McClaren stands to pocket a significant bonus if he ends Newcastle’s 46–year wait for a major trophy, Magpies managing director Lee Charnley has revealed. McClaren completed a return to the Premier League yesterday by signing a three-year contract and, in an unusual move, taking up a seat on the board at [...]
Sports Direct scores profit rise but Mike Ashley’s company hurt by England’s poor World Cup September 10, 2014 Sports Direct enjoyed an 11.8 per cent rise in profit for the period ending 27 July 2014 , yet the sportswear retailer was hurt by England's early World Cup exit. The company founded by Newcastle United chairman Mike Ashley reported a 12.2 per cent increase in sales from £631m to £711.2m, while gross profit also [...]
Mike Ashley retains House of Fraser stake as Nanjing Xinjiekou sale goes through September 2, 2014 The sale of department store House of Fraser to Chinese conglomerate Nanjing Xinjiekou has gone through today – with Sports Direct owner Mike Ashley retaining his 11 per cent stake. The deal values the business at around £480m – probably more than it would have valued at, had chairman Don McCarthy gone through with [...]