Sports Direct have issued their annual results just in the nick of time. It appears as though they do pay Newcastle United £2m a year in advertising rights.
Mark Douglas of the Chronicle has just sent out the following tweet.
Sports Direct confirm they are paying £2million for advertising rights for the 2019/20 season in latest set of financial results.
— Mark Douglas (@MsiDouglas) July 26, 2019
They also are due to pay an enormous amount in taxes according to the tweet below.
BREAKING Sports Direct received a tax demand from Belgium authorities on Thursday for €674 million
— Alastair Jamieson (@alastairjam) July 26, 2019
It’s been a bad day all around for Mike Ashley and Sports Direct as the delay in issuing the results has led to a lot of consternation in financial circles.
Some top financial and news outlets have published articles announcing their astonishment at the actions taken by Sports Direct.
Here are links to a few of the articles about what has transpired today with Sports Direct and the possible implications for the company.
Update: no update at 16:00 meaning the update to the update to the delayed update will now have to wait until Monday. Frankly, does anyone really care anymore?
Is This The Beginning Of The End For Mike Ashley And Sports Direct? https://t.co/SassXfbLZP via @forbes— Andrew Busby (@andrewbusby) July 26, 2019
Britain's Sports Direct results suffer delay upon delay https://t.co/cTeEPgsSXZ pic.twitter.com/WAdEOFU0vo
— Reuters UK (@ReutersUK) July 26, 2019
BBC News – 'Shambles' as Sports Direct's results delayedhttps://t.co/KEavsAGn4j
— Kevin Abbott (@KevinJAbbott) July 26, 2019
Silence from Sports Direct as investors knock shares https://t.co/6eNr9cVkBo pic.twitter.com/DRkaLlANyN
— City A.M. (@CityAM) July 26, 2019
UPDATE 2-#Vodafone helps FTSE 100 gain; Sports Direct slips as results go AWOL https://t.co/s9W2XEeh6r
— Devdiscourse (@dev_discourse) July 26, 2019
It's almost 5pm and we still have not heard a single thing from Sports Direct and their delayed full-year results… https://t.co/7jJ5ZJ9qux pic.twitter.com/chzmhx9ph5
— Retail Gazette (@retailgazette) July 26, 2019
Debenhams boss reassures staff amid Sports Direct results fiasco https://t.co/0aNcjh61lo
— Retail Week (@RetailWeek) July 26, 2019
Sports Direct results suffer delay upon delay https://t.co/aWYpb7gfAW via @IrishTimesBiz
— Irish Times Business (@IrishTimesBiz) July 26, 2019
Mike Ashley’s Sports Direct delays the publication of its results for the third time, extending a two-week long watch for the earnings report https://t.co/iBewt1Tw4e
— Bloomberg Australia (@BloombergAU) July 26, 2019
81 comments so far
Sports Direct FC
Jul 26, 2019 at 5:39 PM
Comment #1How are all my fellow SD FC fans today?
jon
Jul 26, 2019 at 5:41 PM
Comment #2Oh, I’m gutted.
jon
Jul 26, 2019 at 5:42 PM
Comment #3NOT.
jon
Jul 26, 2019 at 5:45 PM
Comment #4I can’t see that they’re doing it on purpose, to buy shares on the cheap, as that is market manipulation, can’t do that, without serious consequences.
Neil Harrison
Jul 26, 2019 at 5:45 PM
Comment #5Added a tweet about enormous tax burden from the annual report. Not a good day for Ashley
Sports Direct FC
Jul 26, 2019 at 5:45 PM
Comment #62 million for this upcoming year….how does poor Mikey afford it?
geordietom
Jul 26, 2019 at 5:45 PM
Comment #7i hope to f..k his empire falls…
lochinvar
Jul 26, 2019 at 5:46 PM
Comment #8Take out £100million, deduct £2m advertising budget, net gain £98m or whatever the exact figures are.
Don’t suppose NUFC results show that , do they ?
geordietom
Jul 26, 2019 at 5:46 PM
Comment #9or fails …
Diddly
Jul 26, 2019 at 5:46 PM
Comment #10https://twitter.com/SimonNeville/status/1154792526664126466?s=19
Slatymag
Jul 26, 2019 at 5:47 PM
Comment #11Can someone put in a nutshell if this SD fiasco will have any immediate effect on NUFC, please?
Scrutinising financial results is it my forte.
Diddly
Jul 26, 2019 at 5:48 PM
Comment #12Any business types out there re last post
giimps
Jul 26, 2019 at 5:48 PM
Comment #132m a season for 3 million sh!te direct adverts a season……good deal for him, not so good for us
geordietom
Jul 26, 2019 at 5:48 PM
Comment #14sell wor club .put the money into your cheap tat shops …
greedy fat barsteward …
Slatymag
Jul 26, 2019 at 5:48 PM
Comment #15And when are we signing Andre 3000??
Sports Direct FC
Jul 26, 2019 at 5:49 PM
Comment #16Having to pay 2 million means someone has to be sold to cover it….Longstaff for 50 million will break even.
geordietom
Jul 26, 2019 at 5:50 PM
Comment #17Sports Direct statement: “The Group has been the subject of a tax audit in Belgium and, on 25 July 2019, received a payment notice from the Belgian tax authorities in the amount of €674 million (including 200% penalties and interest)”…
could’nt happen to a nicer person …
Neil Harrison
Jul 26, 2019 at 5:51 PM
Comment #18It’s going to take the financial gurus a good day to go through all of the report. Should be some good details released tomorrow on how bad of a shape Sports Direct is in.
jon
Jul 26, 2019 at 5:52 PM
Comment #19Two separate things slaty, nufc is owned by mike twatshly, SD is a public limited company, owned by shareholders.
geordietom
Jul 26, 2019 at 5:52 PM
Comment #20Neil is your dad ok …
Slatymag
Jul 26, 2019 at 5:52 PM
Comment #21@comment 10
Ooof, it doesn’t matter how rich you are, you are gonna feel that.
Maybe the wider press might turn against him now that he is seemingly treating them with the same disdain he does us.
giimps
Jul 26, 2019 at 5:52 PM
Comment #22Hahahahahahahahahahahahahahahahahahahahahahahahaha…………no wonder they delayed the announcement, obviously wanted the stock exchange closed before they announced it so they can plan their exit strategy or appeal the fine etc
toon22
Jul 26, 2019 at 5:54 PM
Comment #23It’s an excellent time to protest
Neil Harrison
Jul 26, 2019 at 5:54 PM
Comment #24Geordie Tom,
Yes, just got back from seeing him a few hours ago. He is so upset about Rafa leaving that he is taking a break for the moment. He will be back soon.
Jib
Jul 26, 2019 at 5:54 PM
Comment #25Tom is wrong to wish doom on Ashley
If that happened NUFC would be his only
working venture and we’d be stuck with him.
Since the shareholder’s of SD forced the resignation of
SD chairman Keith Hellawell , Ashley has been seething.
Everybody knows what a vindictive SoaB he can be..
It looks like NY and my hypothesis about him blowing off
SD’s shareholders and de-listing from the LSE could be
correct – even the financial journos are talking about it now.
Nice to see the range of folk who read Ed and Neil’s fine
blog
lochinvar
Jul 26, 2019 at 5:55 PM
Comment #26Imagine that Ashley is extradited to Belgium rather than Dubai.
He might prefer that.
giimps
Jul 26, 2019 at 5:55 PM
Comment #27Afternoon toon22
toon22
Jul 26, 2019 at 5:57 PM
Comment #28Buying back shares might be chucking good money after bad
Hahahahaha hahahahaha
What a proper shame
If he goes bankrupt won’t our club become a saleable ssset ?
Slatymag
Jul 26, 2019 at 5:57 PM
Comment #29@ jon
I just thought (hoped) it might be so bad for him that he would crawl back to any interested parties and try to flog the club sharpish.
Suppose the full ramifications will come to light soon enough.
toon22
Jul 26, 2019 at 5:57 PM
Comment #30Afternoon giimps
giimps
Jul 26, 2019 at 5:58 PM
Comment #31Come Monday, I think there will be some bad heads in the stock exchange
TomaKaThor
Jul 26, 2019 at 5:59 PM
Comment #32Release the transfer funds is all i care about, then sell up Mike in time for Jan
toon22
Jul 26, 2019 at 5:59 PM
Comment #33He owns SD and us
Could SD bankrupt Jabba ?
And not just go bust without touching him personally?
clinath@ed
Jul 26, 2019 at 5:59 PM
Comment #34If only he had an asset he could offload for £350M+…….
giimps
Jul 26, 2019 at 5:59 PM
Comment #35I reckon about 50% off the share price of sd and a very happy slug, the shareholders will be crawling over each other to sell their shares to him
toon22
Jul 26, 2019 at 5:59 PM
Comment #36If he is ever going to sell us it’s this weekend or never
toon22
Jul 26, 2019 at 6:01 PM
Comment #37700 million reasons to smile
Hahahahaha hahahahaha hahahahaha hahahahaha hahahahaha hahahahaha
toon22
Jul 26, 2019 at 6:02 PM
Comment #38Ok so he buys it all back
What about the 700 million tax bill ?
Hahahahaha
jon
Jul 26, 2019 at 6:02 PM
Comment #39Slaty, no harm in hoping for that, hopefully he needs immediate cash, one way to get it, umm, sell nufc.
Jib
Jul 26, 2019 at 6:02 PM
Comment #40Wow – a new company sec and furiously buying
his own shares