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Mike Ashley To Be Held To Account On Wednesday

8 years ago

While Newcastle fans wring their hands as to the best way to make Mike Ashley face up to his responsibilities of running Newcastle United, it is a different story with his core business empire.

When Mike Ashley bought Newcastle United he forced all shareholding fans to cash in their shares, removing their right to question the running of the club at least once a year at the AGM.

However, it is a different story with Ashley’s Sports Direct empire, Ashley may own around two thirds of the shares but he still has to answer to those pesky minority shareholders.

This Wednesday Ashley is expected to be delivering strong figures and trding projections, especially with competitors such as JJB falling away, plus final confirmation is likely that SD will be included in the FTSE 100 due to the surge in their share value.

The much talked about financial bonuses/incentives for around 2,000 managerial staff have consistently been praised but it was a shock to everybody when it was revealed that the rest of the workforce, over 20,000 staff, were on zero hour contracts with no sick or holiday pay, plus no guarantee of any work week to week.

Sports Direct/Mike Ashley have not been keen to comment on these issues, nor factors such as at least one former employee now taking legal action.

At the AGM, Ashley and his main men will have little choice but to answer to ALL shareholders about the running of the company.

In the past the minority shareholders have forced Ashley to back down over massive bonuses that would have been paid to him and once again they may show their teeth as to what they think of Ashley’s business practices in running Sports Direct.

It is just a shame that Newcastle fans don’t have the same option of publicly questioning Ashley as to the running of Newcastle United, at least once a year. We might not like what he’d have to say but it would be surely better than this endless void that we are all currently ‘enjoying’. Plus as has been shown with the past climbdowns to SD minority shareholders, just because Ashley holds most of the aces/shares, he cant’/doesn’t do whatever he likes when somebody else owns part of ‘his’ business..


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