business

Ashley turns to shareholders after a meager week for Sports Direct

Ashley turns to shareholders after a meager week for Sports Direct

Sports Direct boss Mike Ashley has launched an astounding attack on minority shareholders in the store and accuses them of stabbing him in the back when president Keith Hellawell leaves.

The tycoon of the training suit accused investors of "repeatedly chasing" Mr. Hellawell, who said goodbye to Sports Direct on a Wednesday after another shambolic annual meeting.

Suggesting that he will reject future shareholder engagement, Mr. Ashley said: "Despite the significant progress made in recent years, shareholders have now made it extremely challenging for future engagement.

"On the one hand, they are happy with our performance and progress, but with the other hand they have put Sports Direct and me in the back by repeatedly chasing Keith Hellawell."

The billionaire, who also owns Newcastle United, owns 62% of Sports Direct shares, with independent investors including Odey Asset Management, Royal London and the Local Authority Pension Fund Forum, which are the remaining part.

Many of them have voiced their opinion about shortcomings in corporate governance at the retailer, and their criticism has recently focused on Mr. Hellawell.

The former police commissioner of the West Yorkshire police and government drug syndrome have come under attack in particular because they have been unable to curb Ashley.

Sports DirectFormer Sports Direct chairman Keith Hellawell (PA)

In addition to allegations of poor working conditions in the retailer's warehouses, Sports Direct also handed over millions to the daughter of Mr Ashley's daughter for his role as real estate advisor.

But Mr. Ashley hit back on Friday, with a handrail: "I did everything I could to make a major leap forward in rebuilding the Sports Direct reputation in the city, and I worked tirelessly with Keith Hellawell in his role as chairman of this.

"Despite this progress and the undoubtedly good performance of Sports Direct led by Keith Hellawell and myself, the company's shareholders seem to be influenced by the pressures of the media and certain other organizations, and they do not have Sports Direct, Keith and myself supported on this trip. "

He also claimed that "real entrepreneurs" will never be accepted in the public arena and get into the "media circus" around Sports Direct, convinced that the company will always be subject to "disproportionate control and misrepresentation".

The company's AGM ended in a typical way, with the company being forced to declare a denial that peaks over a merger between Debenhams, in which it has a 30% stake, and House of Fraser, which is the previous month from the administration.

Ashley was present at the AGM, although he said days earlier that he would not.

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