Pressure grows on Sports Direct owner Mike Ashley to solve Chinese puzzle
Billionaire Mike Ashley will face fresh questions this week from shareholders in his Sports Direct retail group over its stakes in department store chains House of Fraser and Debenhams.
Sports Direct will reveal trading figures showing a jump in sales of nearly 10 per cent this week, but investors are still puzzling over Ashley’s plans for his two stakes in the store chains.
Sports Direct’s chief executive Dave Forsey was named this weekend as the sole director in West Coast Capital HofCo, the company that holds an 11 per cent stake in House of Fraser.
Ace: Andy Murray eyes a ball made by Slazenger, owned by Sports Direct
It is thought that Sports Direct took the stake hoping to derail a bid from Chinese conglomerate Sanpower and secure the business for itself.
Sanpower confirmed last week it had taken control of 89 per cent of House of Fraser’s shares, but Ashley has yet to declare his next move.
Sports Direct is set to confirm sales have benefited from its growing stable of brands – including tennis ball manufacturer Slazenger – and its domination of the sportwear market.
The buoyant sales may help smooth relations with shareholders who recently rejected an executive reward plan that would have handed Ashley, who also owns Newcastle United Football Club – up to £70million.
Following the protest, Ashley sold £200million in shares, causing the price to plunge 9 per cent in a day.
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