Analysts criticise Sports Direct over results chaos

Mike Ashley’s retailer branded an embarrassment to corporate governance by Pirc

Mike Ashley’s Sports Direct has been labelled “an embarrassment to UK corporate governance” after a chaotic announcement of its annual results last week, including multiple delays and the shock revelation of a £605m tax bill.

Investors and analysts pointed to poor performance at Sports Direct’s core chain, a string of ill-advised acquisitions, the exit of several senior executives and a £5.35m pay award to Michael Murray, Ashley’s daughter’s partner who acts as a property consultant to the group, as evidence of a company with poor governance controls.

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