Why Sports Direct delaying its results is a problem
Inside Business: Investors haven’t had an update on trading since December
The obvious inference from Sports Direct announcing a delay to its results while suggesting all might not be well with House of Fraser (HoF), the department store chain it bought out of administration, is that the empire is starting to crack.
Founder and generalissimo Mike Ashley, who owns 61 per cent of the shares, is now spinning a dizzying number of plates. Yet another one was announced alongside the delay: the group said it had formally taken control of Game Digital. So something like this was always on the cards.
That was the view of the City and investors duly ran for cover. Sports Direct’s shares lost more than ten per cent within minutes of the stock market opening.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies