Sports Direct Billionaire Mike Ashley Spins Out of Control
Mike Ashley says he’d be “uncontrollable” if he took Sports Direct private. But his string of acquisitions already means he’s fighting too many fires.
Hard times on the high street.
Photographer: Bloomberg/BloombergA year ago, Mike Ashley was being hailed as a possible savior of Britain’s rapidly depopulating shopping districts. Now, after the comically delayed announcement of his company’s annual results last month, the colorful sportswear billionaire looks like just any other struggling retailer.
It’s 12 months since his Sports Direct International Plc struck a deal to acquire the ailing department store chain House of Fraser. Ashley, who had long stalked the business, now regrets the move. The acquired business has had an instantly negative effect on the wider group, which showed up starkly in its results statement.