Sports Direct

Ticker SPD

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As of 10:50 27 May 2019
Market cap. Pound sterling
1,507.88 million
As of 10:50 27 May 2019

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Debenhams deal is a 'national scandal'


Mike Ashley's Sports Direct has said that the takeover of Debenhams by its lenders as part of an administration process is "nothing short of a national scandal".

The store chain rejected two last-ditch takeover offers from Sports Direct.

Under Tuesday's deal, all stores will remain open for now, although some have been earmarked for closure.

Mr Ashley said politicians and regulators had been "as effective as a chocolate teapot".

He also called for the administration process to be reversed.

Sports Direct 'considering legal action'

Today Programme

BBC Radio 4

Chris Wootton, Sports Direct's deputy Chief Financial Officer, has spoken to Radio 4.

He says that while Debenhams' decision to go into pre-pack administration was legal - "morally it is not correct".

Mr Wootton thinks the board "have absolutely not carried out their fiduciary duties" towards shareholders, who were wiped out in the process.

He says Mike Ashley's firm is considering suing Debenhams, and insists this is more than an idle threat.

"It is a disgrace that we - as the biggest shareholder - have been treated in this way".

You can hear more from Mr Wootton below.

Sports Direct says they would have kept stores open
Sports Direct says they would have kept stores open
Chris Wootton, deputy chief financial officer at Sports Direct, says if Mike Ashley's bid had been accepted 90% of Debenhams stores would have been kept open.

Ashley 'needs to get back to the day job'

There are some harsh words for Mike Ashley from A J Bell investment director Russ Mould. He said the Sports Direct boss "needs to get back to the day job and regain focus." Mr Mould said:

While Mike Ashley seems to like the thrill of the chase, it is time for him to admit defeat with his pursuit of Debenhams and adding another string to the bow of his retail empire. Someone needs to tap him on the shoulder and remind him that he’s already got a core business to run and a bit more attention wouldn’t go amiss. Sports Direct’s half year results last December saw the retailer report a 26.8% drop in underlying pre-tax profit to £64.4m. And its share price has fallen by a third since last summer.