Mike Ashley dealt latest blow in £14m legal battle

Mike Ashley Debenhams

Mike Ashley has lost the latest battle in a £14 million court case against former Sports Direct broker Jeff Blue, according to the Sunday Times.

Blue is suing Ashley over allegations that the Sports Direct owner promised to pay him £15 million for doubling the company‘s share price and removing it from the City‘s blacklist.

After the deal was made, allegedly in a London pub, the retailer’s share price rose from £4 to £8 between 2012 and 2014.

Ashley paid Blue £1 million but has refused to pay the remaining £14 million, stating the deal was never formally arranged and was “banter”.

READ MORE: Sports Direct shareholder criticises corporate governance investigation

The billionaire attempted to submit expert evidence in the form of a 24-page report laying out other factors which boosted the company’s share price.

The document was rejected by the court with the judge, Justice Phillips, stating it was “too late in the day” to submit new evidence.

Blue has been awarded £38,000 in legal costs following the latest decision to reject Ashley‘s report.

The case is set to go to trial in July.

Click here to sign up to Retail Gazette’s free daily email newsletter


Please enter your comment!
Please enter your name here