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Mike Ashley ‘We are in trouble’

5 years ago

For somebody who appeared to be able to do no wrong (when it came to making money), Mike Ashley is now fighting a rearguard action on all fronts.

The Newcastle United owner has told The Times that his Sports Direct empire is ‘not trading very well’ and ‘we are in trouble’.

Mike Ashley says that profits should be on the up and that ‘they are not supposed to be going down’.

The parallels between his retail empire and football club are stark, the wording could equally apply to both.

After Ashley’s comments about the Sports Direct performance, the share price fell by around 9% to stand at 385p at 11.20am on Tuesday morning. This on the back of the share price having halved in recent months on the back of numerous negative reports, both on the company’s performance and how it operates ethically, in relation to staff in particular.

As for Newcastle United, the last 24 hours have seen Mike Ashley give interviews to his media partners Sky News (watch HERE) and The Mirror (read HERE).

In both interviews, Ashley appeared to blame everybody but himself for the mess at Newcastle United, pointing the finger at the people who (allegedly!) run the club for him and the fans for demanding too much money to be spent, leaving nothing left.

No doubt he will be blaming MPs for the failing Sports Direct, rather than accepting that for far too many people now, the way that he runs his business empire (SD and NUFC) and treats people, is unacceptable.

Mike Ashley speaking to The Times:

“We are in trouble, we are not trading very well. We can’t make the same profit as last year.

“We are supposed to be taking profits up, they are not supposed to be going down.”


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