Mike Ashley Loan Was To Cover Debts ‘Possibly Due To Gambling’
Mike Ashley just can’t keep out of the headlines these days and a court case has just started, which centres on £1.5m loans from both the Newcastle owner and old adversary Dave Whelan, to a third party.
On trial is former executive chairman of the now defunct JJB chain, Sir David Jones.
The Telegraph reporting that Jones took out loans of £3m in total from Ashley and Whelan, with the prosecutor claiming that the money was needed to cover debts ‘possibly due to gambling’.
Prosecutor Miranda Moore QC said about Jones;
“He was a man respected in the industry and well known as a retailer of good repute.
“Unfortunately, what the board of JJB didn’t know was that Sir David Jones was heavily in debt, possibly due to gambling, and he would, just after his appointment, take out substantial loans from two people who could be regarded as JJB competitors.”
Jones is on trial accused of making false statements to the market in connection to the two £1.5m loans.
As to whether Mike Ashley will be called as a witness has not been reported as yet.
If you would like to feature on The Mag, submit your article to [email protected]