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Sports Direct’s Annual Results Delayed Again – Twitter Reacts


Sports Direct was originally supposed to release their annual results on July 15th but delayed due to issues with House of Fraser trading and increased scrutiny in its auditor Grant Thornton.

Results were supposed to be released this morning but as of now have still not been. Many financial gurus and interested parties alike have taken to Twitter to comment on this delay.

It is expected that shares in Sports Direct are going to take another hit today. Sports Direct also released a statement last night declaring they would not be taking any questions from journalists in anticipation of the release today.


24 comments so far

  • Dubs Left Glove

    Jul 26, 2019 at 8:50 AM

    Comment #1

    Sports Direct “still finalising” results. Still expected at some point today but 9am presentation pushed back indefinitely. Update from the company expected at midday

    1
  • lochinvar

    Jul 26, 2019 at 8:56 AM

    Comment #2

    They’ve run out of Tippex,the paper shredder is broken and Grant Thornton are having a nervous breakdown.

    Class.

    9
  • lochinvar

    Jul 26, 2019 at 9:00 AM

    Comment #3

    Sports Direct shares now down just under 4% this morning so clearly corporate investors getting jumpy.

    Maybe Charley is going to be unveiled as their new MD.

    2
  • JP...from The Rock

    Jul 26, 2019 at 9:02 AM

    Comment #4

    A shambles just like everything the leech is involved in.

    8
  • oldarse

    Jul 26, 2019 at 9:04 AM

    Comment #6

    We hear Tony Balooney is their in house Accountant

    15
  • c-dog

    Jul 26, 2019 at 9:06 AM

    Comment #7

    Manquillo is not a matter of opinion
    It’s fact he is awful

    7
  • Tony Baloney

    Jul 26, 2019 at 9:12 AM

    Comment #8

    Abe: I thought you were ignoring me so I would go away.

    3
  • posada

    Jul 26, 2019 at 9:19 AM

    Comment #9

    Shambles Direct.
    How tickled I am Mrs.
    What a lovely day for going on their web site and ordering 10,000 pairs of Donnay socks with absolutely no intention of paying for them.

    19
  • posada

    Jul 26, 2019 at 9:23 AM

    Comment #10

    It’s an old scam.
    Sell/float half the value of a company.
    Buy a few shares back so you have 51% of the shares.
    Then treat the company as your own regardless of the other 49% of shareholders.
    They are supposed to have rules in the city to prevent this and safe guard shareholders.
    Dream on.

    7
  • danishmag

    Jul 26, 2019 at 9:23 AM

    Comment #11

    Bankrupt maybe?

    You heard it here first

    1
  • toon22

    Jul 26, 2019 at 9:28 AM

    Comment #12

    Tony

    Ask your alt JIB when we might spend that 123 million we got from sky

    5
  • toon22

    Jul 26, 2019 at 9:30 AM

    Comment #13

    Danish

    Not the first time I’ve heard the word bankruptcy
    It’s probably wishful thinking

    5
  • DubaiMicky

    Jul 26, 2019 at 9:34 AM

    Comment #14

    Godfather of Sports Direct: inside the world of Mike Ashley

    https://www.telegraph.co.uk/business/2019/07/26/markets-latest-news-pound-euro-ftse-100-sports-direct-results/

    As it’s only premium I’ll copy/paste it, it mentions’ Karen Byers who has since resigned (This is April this year.

    ‘It’s like being part of the family in The Godfather…. You’re either in or you’re out, and when you’re out, you are persona non grata,” quipped a source about the unconventional culture at Mike Ashley’s Sports Direct empire.

    There were no horses’ heads for Debenhams directors to wake up to, but Ashley’s ferocious attacks on the department store’s board have not been short of much else; lie-detector tests, calls for their advisers to be jailed, legal threats and hyperbolic complaints of a national scandal all underline his inimitable buisness style. “He would dangle a carrot but before you even have the chance to lick your lips, the stick would come out,” said one weary insider.

    However those who know him insist Ashley is not the brusque cartoon villain as often portrayed: “Steam only really comes out of his ears when he feels like Sports Direct has been legged over, he doesn’t give a **** about his own reputation”. A senior sportswear source says encounters are “enjoyable – he’s humble, supremely intelligent and [has] an eye for a deal”.

    Ashley’s supporters claim that if Sports Direct was a US firm it would be featured in Harvard Business School as an entrepreneurial triumph instead of the near constant lampooning. “There is a snobbishness applied to Sports Direct which just doesn’t link to its success”, says one adviser. “It’s always been very easy to say it’s a ‘jumble sale for chavs’, but he’s made billions building the business from just one shop in Maidenhead.”

    Ashley refused to comment for this article and most sources would only do so after insisting on anonymity, with one referring to the base in Shirebrook as “Fortress Sports Direct”.

    While Sports Direct has been made in Ashley’s vision, he has relied on a small band of long-serving, loyal lieutenants to grow the business to more than 670 stores worldwide and more recently to mastermind a string of stakes in other retailers.

    Karen Byers, head of retail and logistics, wears a tracksuit to work and is said to be one of very few to properly stand up to Ashley. “She’s hard as nails, she tells him when to shut up, which not many do,” said one source. Commercial director Sean Nevitt, is known as “the General” by Shirebrook staff. Justin Barnes, ex-head of brands, had been in charge of negotiations with suppliers and is generally said to be Ashley’s “fixer”. The board eats in the site canteen and Ashley has been known to don a high-vis jacket and help in the warehouse at peak times. “He knows more of the staff down there than anyone,’’ said one source.

    Some retail chains have layers of hierarchy – Sports Direct has a “core” with 30 managers feeding information to them, enabling lightning-quick action. “Nevitt walks the floor, talks to someone about a product and makes a decision on the spot,’’ says a source. When an employee saw footballers and boxers wearing Beats headphones when warming up, it was decided almost instantaneously that Sports Direct should source similar sets. Within weeks they were in the shops.

    “Ashley has not had enough credit for introducing competition into the sports market where a duopoly of brands could have introduced hyperinflation and kept jacking up prices. He has democratised the product,’’ says Norman Pickavance, a former adviser to the board. “They move at a pace that no one else can, it is extraordinary,” he adds.

    Restructuring advisers also recount the speed at which Sports Direct decides whether to buy a business. “There is an advantage to a business being owned and controlled by one man who has the cash ready to go,” they said. “He acts and moves on. He doesn’t kid himself that retail is doing well, but he thinks he can do a better job than most,” another added.

    However, Sports Direct’s lean management and sometimes weak corporate governance were exposed in the scandal over mistreatment of workers at Shirebrook. One senior source said it had got so bad because there were people in the senior team “who didn’t like to tell Mike what he didn’t want to hear. He was disgusted when he found out.” Ashley told MPs that it had become impossible to know everything that was going on as Sports Direct was a “ rubber dinghy that had turned into an oil tanker”. Chief executive Dave Forsey, who had been Ashley’s right-hand man for 33 years after starting as a Saturday boy in one of his shops, had previously said that his “primary function is to protect Mike, [not involving him in] things where we are going to get less out of him”.

    Forsey’s exit and that of chairman Keith Hellawell prompted new blood. “What you now see is young, trusted employees being tasked with decisions and responsibility far beyond what they would typically be given in a public company,’’ said one source. Others believe that there is a “lack of quality around Ashley” and of permanent financial advisers – outside of brokers Numis and law firm RPC – was to blame for some of his more erratic decisions. But some said his investment strategy was predicated on being “three steps ahead of everyone else”.

    It is said that Ashley’s recent seemingly scattergun investment in House of Fraser, Agent Provocateur, Evans Cycles and Sofa.com is motivated by his desire to be “last man standing” with the biggest grip on the retail property market, although others consider this empire-building analogy a lazy interpretation.

    “He’s a big advocate of the approach of making 10 bets and as long as three come off it’s OK,” says Malcolm Dalgleish, a former Sports Direct non-executive.

    Now Ashley relies on Michael Murray, partner of his eldest daughter Anna, who is in charge of Sport Direct’s Flannels business, to run his “elevation strategy” as he shifts from “pile it high, sell it cheap” towards his goal of becoming the “Selfridges of Sport”. Liam Rowley runs strategic investments while Chris Wootton, deputy finance officer, is the voice of Sports Direct’s campaign against Debenhams. “Wootton believes he is the reincarnation of Mike and Mike quite likes that”, said one source.

    The “core” Sports Direct team gathers for strategy meetings on Tuesday evenings at the Best Western Lion Hotel in Worksop, which Ashley owns. The young barman reckons Ashley is a “top bloke”, partly because he once bought him a pint. Between eight to 12 employees meet over a “curry or pub grub and a lot of beer”, said a source. “It goes on until 1am or 2am and there’s an expectation that you stick with it till the end”.

    While the meetings might seem jovial, business is always on the agenda: “There’s drinking and eating, the ‘whole family’ is there – but you are constantly being watched and assessed on whether you can be trusted. It’s like the Cosa Nostra.”

    Ashley’s drinking exploits are the stuff of legend. Two years ago the tycoon admitted he was a “power drinker”, in a court case against onetime associate Jeff Blue: “My thing is not to drink regularly, it’s to binge drink. I’m trying to get drunk – will you accept that?” Tales emerged of him stripping in a restaurant, downng 12 pints and chasers then vomiting into a fireplace. He was said to have spent £125,000 on champagne at The Pink Elephant club in New York and was a high roller at Fifty casino in Mayfair.

    But friends say his drinking is no more than letting off steam: “Ashley works 24/7 and he expects everyone around him to do the same,’’ says Dalgleish. “It’s not so much work hard / play hard as work, work, work, work and play a bit”, he adds.

    Ashley holidays in Miami and used to take Forsey and ex-finance chief Bob Mellors away. He owns a chalet in Verbier and would fly out top store managers for ski breaks. Employees talk of Ashley supplying signed Newcastle shirts for their sick relatives. However, it comes back to what a source called his “absolute binary approach to trust and loyalty.” Sources said of the Jeff Blue fight: “Blue reckoned he could embarrass Ashley into settling and Mike was having none of that”.

    It is also the belief he has been wronged by Debenhams directors that is said to be what may be fuelling his dogged pursuit of the store chain.

    The tale of John Andrew, former boss of Direct Golf is a cautionary one. The ex-golf professional was given a loan by Sports Direct months before accounting errors threatened the business. He claims Ashley ignored his calls and changed the office locks while the founder was out. It is now owned by Sports Direct, according to its website. Other firms say the first they know of Ashley’s activism is in the press. “He acts first and lets them know after”, a source said. Advisers say he’s rarely emotional in meetings and just wants straight answers. Said one: “We would travel to Shirebrook, be asked one question and we’d reply. He would say ‘Thanks, fella’ and walk out. Getting there would often take five times as long as the time we spent with him”.

    He used to be called Britain’s Howard Hughes for his reclusive tendencies, but as Ashley’s wheeler-dealing with high street stalwarts gathers pace he and his empire are in the spotlight.

    “There are significant contradictions in the man and the business and as Sports Direct grows they will become exposed”, Pickavance says. “There is a brilliance to him, but there is a dark side too.”

    11
  • toon22

    Jul 26, 2019 at 9:36 AM

    Comment #15

    Let’s hope HOF brings down his entire tat shop empire
    Ironic it was bought with money he took from us

    Hahahahaha

    10
  • hibbit

    Jul 26, 2019 at 9:38 AM

    Comment #16

    pack of cards built on sand !!!!!!!!!!!

    5
  • G

    Jul 26, 2019 at 9:40 AM

    Comment #17

    Off topic, but I see Lyon’s Moussa Dembele is available for 45M. That’s the sort of player we should be looking at. Once upon a time our club would have been all over that, but under MA… Depressing isn’t it.

    3
  • one fine day

    Jul 26, 2019 at 9:40 AM

    Comment #18

    Come on Ashley
    350 mil will make all this go away
    Just get those Arabs on the blower

    10
  • The next Mike Williamson

    Jul 26, 2019 at 9:43 AM

    Comment #19

    If oldarse ignored you Tony, he’d cease to exist. Can’t you see his entire purpose is to make you explode then he gets his reward. He appears like a fly on sh*t seconds after you come to needle you with dinnington which he knows is nonsense, but repeating nonsense is simple way to wind easily angered people up (sorry to make you the sh*t in that analogy). If you ignore him and he sticks to his word and ignores you the blog will be a slightly better place. And I think you’ve made your point about the itks and bobby, if you dont let up youll turn into a frog repeating a sentence 24/7 for an entire year!

    2
  • DubaiMicky

    Jul 26, 2019 at 9:45 AM

    Comment #20

    The “core” Sports Direct team gathers for strategy meetings on Tuesday evenings at the Best Western Lion Hotel in Worksop, which Ashley owns.
    .
    .
    .
    .
    Could be an option for a protest although I wouldn’t have thought ashLIE would be there.

    5
  • Moonraker15

    Jul 26, 2019 at 9:45 AM

    Comment #21

    The genius that is Mike Ashley has caught a cold with HoF methinks! How did he ever get the idea he could make them profitable when high streets are dying all over the uk ? £150 million is a lot to lose plus his Debenhams loss!
    Also selling the Warehouse site and leasing it back!
    All of this puts the spotlight on toon money; I don’t think he’s gonna spend a lot judging by the players we’re supposed to be looking at. Wouldn’t surprise me if he calls in some more “loan” money from the club soon!

    3
  • geordietom

    Jul 26, 2019 at 9:46 AM

    Comment #22

    i hope his Tat empire goes bust …

    6
  • It's on

    Jul 26, 2019 at 9:51 AM

    Comment #23

    Thanks for the info Mickey

    0
  • oldarse

    Jul 26, 2019 at 9:56 AM

    Comment #24

    The next Mike Williamson If oldarse ignored you Tony, he’d cease to exist. You having a go at me

    2

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