Mike Ashley (former owner)

[wyn davies]

gameover, Bruce coming in I think tells a story

[Guest covmag]

Bold line is of interest - Grant Thornton were seemingly letting Woodford do all kinds of dubious things before his funds went to shit...

 

Got a link for that? Been following the Woodford story.

 

No specific link, but if you look at the details of the story and how Woodford was floating stocks into Guernsey and seeing huge upticks in Level 2 and 3 assets year on year, the audit should have been full of fairly material qualifications alerting the FCA and investors (this should have been picked up in fairness, particularly by the FCA and firms like Hargreaves Lansdown, regardless). We fight a battle every year with our auditors over what they wish to make material and how they present our data and we are as white as white in that regard. No idea how Woodford got what he got through his accountants without alarm bells all over the shop.

 

Also, GT also auditor of Patisserie Valerie, which is another accounting shitshow. They appear to either be very unfortunate or a go-to for those who want flexibility in what they're showing their investors.

 

 

[TK-421]

gameover, Bruce coming in I think tells a story

 

Suppose it depends on the contract. Anything more than a 1 year rolling deal and its (more than likely) over.

 

If it is a 1yr rolling, then you'd think its not tying him down for too long, just incase.

 

Aye alreet... its over, isn't it. 

[toontownman]

gameover, Bruce coming in I think tells a story

No its played to perfection. Will be a short rolling contract, small wages.. all the hallmarks to give fans hope its short term and the takeover is still a possibility with an easy to shift manager. Reality is he has gone as cheap as possible and played a blunder to keep a few hopeful fans still hooked on the SDFC smack.

[ToonArmy1892]

What the f*** is the fat c*** thinking, seriously? (Ashley not Bruce)

 

f***ing mental.

[Teasy]

gameover, Bruce coming in I think tells a story

No its played to perfection. Will be a short rolling contract, small wages.. all the hallmarks to give fans hope its short term and the takeover is still a possibility with an easy to shift manager. Reality is he has gone as cheap as possible and played a blunder to keep a few hopeful fans still hooked on the SDFC smack.

 

Aye he has, he's gotten rid of a manager who would keep the club ticking along for no money spent.  Then spent £4m to replace him with a alci loser who'll guarentee relegation and cost him £100m minimum.  Definitely played a blunder, but thats the fat slug all over, top business man like..

 

Sooner everyone treats the entire club like the plague the better.

[NG32]

gameover, Bruce coming in I think tells a story

No its played to perfection. Will be a short rolling contract, small wages.. all the hallmarks to give fans hope its short term and the takeover is still a possibility with an easy to shift manager. Reality is he has gone as cheap as possible and played a blunder to keep a few hopeful fans still hooked on the SDFC smack.

 

Aye he has, he's gotten rid of a manager who would keep the club ticking along for no money spent.  Then spent £4m to replace him with a alci loser who'll guarentee relegation and cost him £100m minimum.  Definitely played a blunder, but thats the fat slug all over, top business man like..

 

Its whats been said before.  Ashley knows the price of everything and the value of nothing.

[nufcjb]

Didn't Fat Sam come in and then Fat Ashley bought us? 6 moths later, Fat Sam was gone, sacked by Fat Ashley. Is my timeline right there?

[Nattfare]

How I imagine that it will look like as Ashley and Thumbman tries to paper over the cracks of their broken club.

 

[gdm]

I’ll probably forget about this but should be good listen.

 

https://twitter.com/michaelchopra/status/1150810886635958273?s=21

[TK-421]

Didn't Fat Sam come in and then Fat Ashley bought us? 6 moths later, Fat Sam was gone, sacked by Fat Ashley. Is my timeline right there?

 

Aye, and Fat Sam with a 3 yr contract paid off, and a new Spanish Villa on the way.

[Matt]

Didn't Fat Sam come in and then Fat Ashley bought us? 6 moths later, Fat Sam was gone, sacked by Fat Ashley. Is my timeline right there?

 

Aye, and Fat Sam with a 3 yr contract paid off, and a new Spanish Villa on the way.

 

Mad thing is that in hindsight he was Ashley's ideal manager.

[gdm]

Didn't Fat Sam come in and then Fat Ashley bought us? 6 moths later, Fat Sam was gone, sacked by Fat Ashley. Is my timeline right there?

 

Aye, and Fat Sam with a 3 yr contract paid off, and a new Spanish Villa on the way.

 

Mad thing is that in hindsight he was Ashley's ideal manager.

 

Was he? Allardyce liked to spend money more than most. He also clashed a lot with the dildo salesmen. He’s fuckin useless but not sure he’s a cheap yes man tho

[LV]

I’ll probably forget about this but should be good listen.

 

https://twitter.com/michaelchopra/status/1150810886635958273?s=21

 

Wow. Good lad chops.

[Mattoon]

I’ll probably forget about this but should be good listen.

 

https://twitter.com/michaelchopra/status/1150810886635958273?s=21

 

Wow. Good lad chops.

 

Just came in to post this, hopefully they let him get his point across, well in Chops lad!

[Mr Logic]

Just read Ashleys wiki page after wanting to check a detail. Anyone wants to subject themselves to the Newcastle United chapter?

 

 

 

Newcastle United

 

On 23 May 2007, in a surprise move, Ashley bought Sir John Hall's 41.6% stake in Newcastle United at one pound per share, for a total cost of £55,342,223[24] via his company St James Holdings Ltd. Under the terms of UK takeover law, having purchased more than 30% of a listed company, he was obliged to make an offer to buy the remaining shares at the same or a greater price.[24] On 31 May, it was reported that the Newcastle board were considering Ashley's offer.[25] On 7 June, it was confirmed that chairman Freddy Shepherd had agreed to sell his 28% share to Ashley, which left Ashley free to take control of the club.[26] As of 15 June 2007, Ashley owned a 77.06% stake in Newcastle United, on course to withdraw the club from the stock exchange having surpassed the 75% threshold required.[27] 100% acquisition was achieved in July with Ashley paying a total of around £134 million to buy the club. Ashley appeared to have saved the club from certain financial ruin by paying off large sums of debt inherited from the previous regime,[28] although he was criticised for not doing due diligence when buying the club, as he subsequently revealed he had been unaware of issues such as the upfront payment of club finances such as the Northern Rock sponsorship, and the presence of outstanding liabilities for long past player transfers.

 

Ashley's ownership of the club was initially popular with fans, despite press scorn for his unconventional approach, by installing Chris Mort as chairman to run the club, while Ashley acted as one of the fans, drinking in local bars and clubs, and watched the team from the stands with the supporters wearing the team shirt. This caused fierce local rivals Sunderland to publicly refuse to give Ashley permission to wear it in the Stadium of Light corporate box for the Tyne–Wear derby on 10 November. Instead of donning more appropriate attire, Ashley chose to take his usual place among the travelling fans for the game. An apparent anomaly with the fans was the choosing 'Smith 17' as the number of his shirt, after a squad player Alan Smith he admired and 17 being a lucky number for him. Ashley's popularity increased further with the return of Kevin Keegan as manager on 16 January 2008,[29] to replace the previous regime's relatively unpopular choice Sam Allardyce.[citation needed]

 

On 30 August 2008, Ashley was shown on live television downing a pint of beer while with fans in the away stand during Newcastle's game against Arsenal in London, contravening Premier League licensing rules stating that alcohol may not be consumed in sight of the pitch. Ashley subsequently "received words of advice" from the police during the game. A Newcastle United statement declared that Ashley had been given the beer and told that it was non-alcoholic despite the fact that Arsenal do not sell non-alcoholic beer at their stadium.[30]

 

As the transfer window closed at midnight on 2 September, rumours started to appear in the press stating that Keegan was extremely unhappy with Director of Football Dennis Wise's interference in team matters. The following morning Keegan had a meeting at St. James Park with Wise and managing director Derek Llambias, it is unknown what exactly was said in the meeting but witnesses saw Keegan storm out of the meeting claiming to be sacked.[31] Keegan drove to Manchester to consult with the League Managers Association chief-executive Richard Bevan, while in this meeting it is thought Ashley found out from Llambias of the row and attempted to contact Keegan. On 4 September, Keegan resigned from the club following days of talks with the board of Newcastle United headed by Llambias.[32] This led to prolonged protests by fans directed chiefly against Ashley and Wise, being dubbed the "Cockney Mafia." The club was warned by the League Managers Association the next day, to develop a structure which would satisfy the next manager to replace Keegan to avoid a similar situation repeating itself and damaging the club's image.[33]

 

On 14 September, Ashley made a statement announcing he had put the club up for sale, a day after the first home game since Keegan's resignation, which Ashley did not attend, this was a 2–1 defeat to newly promoted Hull City. In his statement, Ashley stated "I have listened to you. You want me out. That is what I am now trying to do."[34] He also stated that while he had the utmost respect for Keegan, he no longer wanted to subsidise the club due to believing it would not be safe for him or his family to attend matches in future. Ashley appointed Joe Kinnear to take temporary full-time charge of the squad as he began his search for a new owner.[35] In the following weeks, after an apparently unsuccessful trip to the Middle East to reportedly solicit potential buyers, Ashley later instructed a London law firm to handle the sale of the club. Ashley's actions and subsequent media coverage of fan reaction saw the creation of a new organisation, the Newcastle United Supporters Club, to properly represent fan's views to any future board. Interest also mounted around the feasibility of a fan buyout of the club, seeing the launch of the Newcastle Fans United group. On 28 December, Ashley announced that the club was no longer up for sale, after he had failed to find an acceptable buyer.[36]

 

In January 2009, it was reported that interim manager Joe Kinnear had been offered a full-time position at the club by Ashley. Kinnear however suffered heart trouble the following month, given leave by the club to recover. On 1 April, Ashley appointed Alan Shearer to replace Kinnear as interim manager. Shearer however was unable to achieve more than 5 points from the 8 games he was in charge, and on 24 May, the Magpies were relegated to the Championship. The next day, Ashley apologised to Newcastle fans for the mistakes made throughout the season, but nonetheless praised all staff, including Shearer and Kinnear, for all their efforts throughout the season.[37]

 

After the club's relegation, Ashley struggled to find a buyer capable of providing proof of funds to purchase Newcastle United throughout August and September 2009, local businessman Barry Moat was reported to have opened negotiation talks with Ashley. On 2 October 2009, a Premier League arbitration panel found the club guilty of "constructive dismissal" and Mike Ashley was made to pay Kevin Keegan £2,000,000 compensation plus interest for his mistreatment during the time at the club.[38]

Newcastle fans show "Mike Ashley Out" cards away to QPR in May 2015

 

On 27 October, Ashley took Newcastle United off the market after again failing to find a suitable buyer for the club.[39] A Newcastle statement confirmed, "Mike Ashley is totally committed to the future success of Newcastle United and will be focused on gaining promotion back to the Premier League. Mike will put a further £20m into the club this week."[39] The move to withdraw the sale proved questionable among many as he had stated little more than a week before that he regretted the purchase of the club and felt he never had the required stance and knowledge to own a football club.[40] The club released future plans in the same statement, announcing the club would attempt to sell the club's stadium naming rights to raise funds to clear debts of the club, causing outrage among Newcastle fans across the world who felt the club would lose tremendous heritage with the name of St James' Park changed.[41] On 4 November, it was announced that Ashley's own company would sponsor the stadium, rebranding it the "sportsdirect.com @ St James' Park Stadium" until the end of the season.[42]

 

Upon the broadcast of the BBC documentary, Mike Ashley Uncovered, his dealings at Newcastle United were detailed, with it being announced that he only discovered upon purchase of the club how much debt the club were in, and that it cost him another £100m upon purchase to steady the club's financial security, having not viewed the account books prior to purchase. Ashley and his representatives refused to comment, claiming the film produced a majority of inaccuracies.[43]

 

On 6 December, Newcastle United sacked manager Chris Hughton, in a controversial move that proved to be unpopular with many fans of the club,[44] and led to Ashley being personally criticised for the decision.[45][46] Alan Pardew was appointed three days later, before his first game in charge against Liverpool.

 

Following Derek Llambias' resignation as managing director in 2013,[47] Ashley briefly took on his position whilst trying to find a replacement. Lee Charnley was quietly announced as his successor in 2014.[48][49]

 

On the final day of the 2014–15 season, Ashley gave his first televised interview to Sky Sports, eight years after buying the club. He stated that he would sell up, but only when the club had won a trophy, quickly reiterating that qualifying for the Champions League would also count.[50] With Steve McClaren's appointment as head coach, Ashley stepped down from the Newcastle United board of directors.[51]

 

Ten months later, and with the departure of McClaren and the arrival of Rafael Benítez, Ashley gave another interview. He stated that he regretted buying Newcastle United, but admitted that he was "wedded" to the club. He also felt that Benítez was the right man to keep the club in the Premier League.[52] On 11 May 2016, Newcastle United were relegated for the second time under the ownership of Ashley, after local rivals Sunderland beat Everton 3–0.[53]

Rangers

 

 

[Happinesstan]

Lol SD down 40% in prior 12 months. Fucking hell.

 

Is that the share price,, or the value of the company? Wouldn't be surprised if he's just doubled his shares in the same period.

[Pons Alias]

Surely that would be some form of insider trading?

[Happinesstan]

Surely that would be some form of insider trading?

 

Buying back shares is insider trading, is it? OK.

 

[Kanji]

his share price is down so the Market Value impacted as well

[Infatuation Junkie]

I have seen a few posts today in regards to FCB buying £12 million in SD shares today. I never check company house so I don’t know how legit it is.

 

 

[ToonArmy1892]

Is monochrome acquisitons still a company?

[ianovthetoon]

I have seen a few posts today in regards to FCB buying £12 million in SD shares today. I never check company house so I don’t know how legit it is.

 

 

 

I don’t think stock market rules would allow it if his financial results are due. There’s normally a closed period when financial results are imminent

[Pons Alias]

Surely that would be some form of insider trading?

 

Buying back shares is insider trading, is it? OK.

 

Hence the question mark. It must be dodgy somewhere - it’s Ashley.

[Pandamninator]

I have seen a few posts today in regards to FCB buying £12 million in SD shares today. I never check company house so I don’t know how legit it is.

 

 

 

I don’t think stock market rules would allow it if his financial results are due. There’s normally a closed period when financial results are imminent

 

Wouldn't even make sense - surely if he is buying back, he would to do it post financial results which will be grim and reduce the price even further.