The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. Ashley appeared to have saved the club from certain financial ruin by paying off large sums of debt inherited from the previous regime,[29] 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. Sports Direct said in a statement: Michael has a consultancy arrangement with the company, is not paid a salary, and is not a director of any company within the Sports Direct Group. Mike bought the property three years ago for 21 million, but has reportedly increased its value by 10 million. But of late hes sought refuge further afield, flying to Florida to relax in his eight-bedroomed sprawling villa, located in a gated community on La Gorce Island, an A-list haven with private docks and an on-site country club that was previously home to the singer Cher. The company controls 443m of property, plant and equipment. They previously lived at a mews house in Chelsea, which was sold for 5.7million in cash in September to Miss Ashley's 19-year-old sister Matilda. On 6 December, Newcastle United sacked manager Chris Hughton, in a controversial move that proved to be unpopular with many fans of the club,[45] and led to Ashley being personally criticised for the decision. He entered the department store industry following the acquisition of House of Fraser post-administration in 2018. Sports Direct's governance has come under scrutiny from MPs with Mike Ashley admitting the company has become too big for him to control solely. In the wake of the Guardians investigation Walker called Sports Direct a scar on British business. His remuneration is based solely on creating value, with the companys non-executive directors overseeing an independent review annually and deciding, in their absolute discretion, how much of any increased value (up to a maximum of 25 per cent) shall be paid to Michael.. 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 was 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. The retailer said its profit margins had been hit by the pounds sharp decline since the Brexit vote. Sports Direct boss Mike Ashley has a person fortune topping 2.4billion Thirty years ago he was a squash coach who worked in a sports shop Ashley is said to have recently rekindled his. WHEN Mike Ashley met his wife, Linda, a swedish-born economics graduate, in 1986, he was a lowly squash coach working in a sports shop in Maidenhead. Shares have recently hit two-and-a-half year lows and analysts have criticised Mr Ashleys use of the company, in which he has a 55 per cent stake, for making investments in other companies including Debenhams, Tesco, Direct Golf and Findel. During that time he has hoovered up dozens of . Even worse, many such slurs aren't from men but 'I couldn't do it without you': Victoria Beckham poses with her whole family after her PFW show - as she Brooklyn Beckham puts on a loved-up display with wife Nicola Peltz as they head back to hotel after Cruz Beckham supports his mother Victoria as he carrying his very own VB handbag on the way to her show Like father, like daughter! 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. [38], In January 2009, it was reported that interim manager Joe Kinnear had been offered a full-time position at the club by Ashley.

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