Bloomberg have a report about Sports Direct and some bad news for Mike Ashley and the company this morning.
Sports Direct delays the publication of its preliminary results https://t.co/PXrD3Kx57g
— Bloomberg Markets (@markets) July 15, 2019
The report states:
Sports Direct International Plc dropped the most in seven months after the U.K. sports-apparel retailer delayed publishing its results as auditors increase their scrutiny of its accounting.
Citing the complexity of integrating the House of Fraser department store chain, the U.K. retailer said Monday it needs more time to compile information as regulators review Grant Thornton’s audit of it’s fiscal 2018 results.
The shares fell as much as 6.1% in morning trading in London.
While the press has been very reticent in reporting the absolute disgrace of this summer at Newcastle, all the negativity surrounding the club could have an impact on Mike Ashley’s willingness to sell.
If Sports Direct’s name can get dragged into the chaos at Newcastle, Mike Ashley may feel it is in his best interest to get rid of the club to prevent further tarnishing his Sports Direct brand.
The results of the audit mentioned above are now scheduled to be released between July 26th and August 23rd. By this period of time, who knows the depths of which Newcastle will have further plunged.
What we do know is that Mike Ashley cannot fix what he has destroyed at Newcastle United. He must leave for the club to begin to heal.
Newcastle fans are reeling at the moment due to one man and one man only. That man is Mike Ashley who only purchased the club to plaster the Sports Direct brand all over Newcastle United.
He has linked the two together for the promotion of Sports Direct at the detriment of Newcastle United. It would certainly be a shame if this backfired on him at such a vulnerable time for Sports Direct.