forlanssister 3,050 Posted August 14, 2016 Share Posted August 14, 2016 From the Sunday Times: The billionaire founder of Sports Direct is embroiled in a new legal row with Rangers FC, which has accused his tracksuit and trainers empire of taking improper dividends from the Scottish football club’s merchandise business. Dave King, Rangers’ chairman, claims that Mike Ashley’s Sports Direct took almost £1m of dividends from Rangers Retail Limited that it was “legally not entitled to receive”, according to papers filed at the High Court. The disagreement is said to have led to a standoff, with directors of the Glasgow-based club refusing to sign off Rangers Retail’s accounts, which are now close to seven months overdue. The spat is the latest twist in a long-running saga that started in October 2014 when Ashley, who also owns Newcastle United FC, laid siege to Rangers by buying a stake of nearly 9% through his personal company, MASH Holdings. Supports have accused him of trying to strangle the club by exerting excessive financial control. In April, Sports Direct filed a claim arguing that King had made “unjustifiable allegations of impropriety” about two property deals and the payment of two dividends last year. It said the Rangers chairman was “not motivated by any legitimate concern” but was trying to put pressure on Ashley to renegotiate various commercial contracts. Since 2012, Sports Direct and the Scottish club have been partners in Rangers Retail, which sells replica kits and accessories. Ashley’s company originally owned 49%, while Rangers held 51%. Sports Direct’s lawsuit said that in August 2014, it agreed to oversee the closure of lossmaking Rangers stores in Belfast and Glasgow Airport for the sum of £620,000. This was to be repaid from Rangers Retail’s dividends, it said, meaning that when the merchandise company distributed £1.61m in January last year, Sports Direct received £1.39m and Rangers took £220,000. Sports Direct claimed that its shareholding in Rangers Retail jumped to 75% in the same month as part of an agreement to lend the club up to £10m. As a result, it said it received £900,000 of a £1.2m dividend in February last year, while Rangers took £300,000. The lawsuit cited letters from King in September and October last year disputing the increase in Sports Direct’s shareholding and describing the higher dividends as having been “deliberately and unlawfully deducted”. In its defence in May, Rangers confirmed its view that the dividends were unlawful, and that it had refused to sign off the accounts. But denied that its actions were unjustified. It said it was suing former Rangers bosses — including Derek Llambas, who previously worked at Newcastle United — for breaching their duties in their dealings with Ashley. http://www.thetimes.co.uk/edition/business/mike-ashley-rangers-vdlldls3m 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted August 14, 2016 Author Share Posted August 14, 2016 Again from the Sunday Times: THE high street tycoon Mike Ashley is no stranger to a fight. The Sports Direct founder has been in near-constant conflict with the City since floating the retailer almost a decade ago. Shareholders love a maverick — as long as profits pile high and the stock price shoots up. The trouble, for Ashley and his investors, is that Sports Direct has lost two thirds of its value over the past two years. With the collapse in Sports Direct’s market value comes renewed scrutiny of the Newcastle United owner’s unorthodox ways. Ashley, who is vice-chairman and owns 55% of the shares, has used Sports Direct as a conduit to buy stakes in Debenhams, House of Fraser, Tesco and others. Now he has been pitched into a new legal battle at another prominent business in which Sports Direct had an interest: Rangers football club. The tycoon is being sued by the Glasgow team, which alleges that he improperly took dividends from a merchandising business that they jointly own. Ashley denies the allegations. The stramash is yet another unwelcome distraction for the billionaire, who is battling to reinvigorate Sports Direct. The retailer’s reputation has taken a battering from revelations about working practices at its headquarters, which MPs recently likened to a “Victorian workhouse”. The manifest governance failures at Sports Direct would not matter as much if it were a private company. However, hundreds of millions of pounds of pension money is tied up in the retailer. We all, alas, have a stake in Ashley’s tainted empire. http://www.thetimes.co.uk/edition/business/french-nuclear-watchdog-could-offer-may-a-hinkley-escape-route-k53kd9wgd 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted August 14, 2016 Share Posted August 14, 2016 Ashley wanted a fight he's got one, get intae the fat rat Rangers. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted August 14, 2016 Share Posted August 14, 2016 And people said his loans were interest free 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,240 Posted August 14, 2016 Share Posted August 14, 2016 (edited) And people said his loans were interest free ... perhaps they did not know much of the above and read what every read in the media? Don't think there is need to get the flamethrower out with info coming out months if not years after. Edited August 14, 2016 by der Berliner 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted August 14, 2016 Share Posted August 14, 2016 (edited) Perhaps they should have engaged their brains. You don't have to be a genius to know lambias wasn't running us for rangers benefit. An iq of 6 should suffice. The realy sad thing is they did know they just couldn't help themselves. Edited August 14, 2016 by the gunslinger 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,240 Posted August 14, 2016 Share Posted August 14, 2016 Perhaps they should have engaged their brains. You don't have to be a genius to know lambias wasn't running us for rangers benefit. An iq of 6 should suffice. The reply sad thing is they did know they just couldn't help themselves. Not helpful. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted August 14, 2016 Share Posted August 14, 2016 Not helpful. No it really wasn't. But we can only hope they learn. Or we are in real trouble going forwards. 0 Quote Link to post Share on other sites More sharing options...
26th of foot 5,829 Posted August 14, 2016 Share Posted August 14, 2016 Ashley is an absolute monster, he has a similar arrogance to Gerald Ratner. I suspect Big Mike's fate will be similar to Gerald's? Reference our club, it's the time to be taken for Ashley to journey to the bottom of the slope. His involvement in football is toxic. I note this morning that his other football interest, his main footballing interest, the newly relegated Newcastle United are sitting fourth bottom of the Championship on nil points. There will be a tipping point for Ashley and his football involvement, the fans of both Rangers and Newcastle hope its most soon. 0 Quote Link to post Share on other sites More sharing options...
jhunter 0 Posted August 14, 2016 Share Posted August 14, 2016 (edited) Perhaps they should have engaged their brains. You don't have to be a genius to know lambias wasn't running us for rangers benefit. An iq of 6 should suffice. The realy sad thing is they did know they just couldn't help themselves. there are still imbeciles peddling the line that 3p in the pound to Rangers is better than nothing. Edited August 14, 2016 by jhunter 0 Quote Link to post Share on other sites More sharing options...
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