Dont vote for MA15 Nov 2024 13:04
This is old news but worth reading:
Mike Ashley, the founder of Sports Direct, promised to pay an investment banker £15m if he could double the clothing chain’s share price in three years, according to reports.
The Outcome:
Newcastle United owner and Sports Direct boss Mike Ashley has won a high court battle over a £15m deal allegedly made in a London pub, calling time on a case that will be long remembered for days of evidence concerning excessive alcohol consumption.
The case revolved around investment banker Jeffrey Blue’s allegation that during a “night of heavy drinking” at the Horse and Groom pub near Sports Direct’s Oxford Street store in January 2013, Ashley agreed to pay him £15m if the company’s shares doubled to £8.
However, on Wednesday, Mr Justice Leggatt, who had said he found the case was “a lot more interesting than some”, ruled that no one would have thought what Ashley said in the pub was “serious”.
“The Sports Direct senior management meetings certainly show that Mr Ashley is happy to combine discussion of business matters with the consumption of alcohol,” the judge said in his ruling. “But there is no evidence to suggest that Mr Ashley has ever negotiated or concluded a contract at one of these meetings.