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The sixth floor of Academy House, Sports Direct’s latest headquarters in London’s Oxford Circus, is packed with City folk, and a respectable number of journalists - perhaps too many for Mike Ashley’s liking. The gathering is an update on how the business is doing.
Of late, Ashley appears to have been making a concerted effort to say as little as possible during such meetings, a sign perhaps that the efforts of his new-ish PR to moderate his outbursts are working.
Known for his colourful diatribes against a range of people who doesn’t align to his world view, the retail magnate visibly tries to rein it in when his top team are answering probing questions.
When he does, his answers are tentative, conciliatory even.
“I’ve got to be very careful here before I answer.”
“I’m not trying to be difficult but…”
When he can’t get away with evasive answers, he resorts to repetition, like a broken record, hoping the message will sink in.
“I don’t think we should get tied down to specific numbers.”
And again.
“I don’t think we want to get stuck on specifics numbers, it’s very dangerous, it’s the sort of thing I did in the past.”
When he goes rogue, this time about share price predictions, a discreet glance from his minders keeps him in check.
“I’m getting nodded at not to say the share price. But an enormous share price…"
He looks again.
“I’m not allowed to use the word ‘enormous’. No. A lot higher than it is now, how about that?”
Another glance.
“OK, so we’re clear. A lot higher than it is now.”
The Sports Direct tycoon’s relationship with the media has always been fraught, emotional even. He fears being vilified in the press, so keeps everyone at arm’s length. At one point, he bemoans being made “a panto villain”, then tells everyone they are clueless about business rates.
Ashley is no stranger to unorthodox behaviour, which has earned him the 'Mad Mike' moniker. In September, he banned journalists from the annual general meeting with shareholders without giving a reason for it. Listed companies do not have to allow journalists into their annual general meetings, but most generally do. Two years ago, he cancelled an open day for media and investors after “conflicting demands” for time.
After an animated meeting with shareholders in 2016, he invited the press over to the company's Shirebrook warehouse in Derbyshire, to show them around, during which he unloaded a wad of £50 notes as part of a security check. Back in 2013, his executives banned some local papers from attending Newcastle United matches if they continued to write negative coverage of the team and the club, which he also owns.
Half way through the conference, the masks slips, he loses his cool and goes off-script as soon as a hack asks a follow-up question.
His main gripe is that “due diligence” related to his recent buying spree has come up.
The mood shifts. He doesn’t smile anymore.
“No, enough now. You are going to ruin it for the media. Why do you want to ruin it for the media?”
They talk over each other.
“Why are you going to ruin it for the media? It’s an investment day, it’s not a media day. Okay? Get the balance and be fair.”
He becomes a bizarre version of Lord of the Rings’ Gandalf, confronting Balrog, the demon, and threatens to ban journalists from Sports Direct towers if they don’t behave - ‘you shall not pass’ style.
“Press are dominating the results a little bit too much, maybe it wasn’t the greatest idea to invite the press to the half year results. We’ll probably limit it to full year results.
“As I say, this isn’t a panto and I’m not a panto villain. If from the investors we can have some more serious business questions.”
Journalists appear to be a nuisance to him. He does not cope well with criticism and anyone questioning his business decisions.
He answers a few more. Then, looking like someone who has just remembered how to solve an algebra equation in a maths exam, he reverts to being jovial, and invites journalists to ask “positive” questions. As if his little outburst never happened and all is forgotten.
With a bit more finessing from his minders, he might get it right next time.
Sounds just the ticket to win the next election as Labour Party leader.
