Newcastle United Owner and Sports Direct Boss Mike Ashley Wins £15m Court Case
Newcastle United owner Mike Ashley has been successful in a high court battle with an investment banker over a £15m deal reportedly made in a pub.
BBC News report Jeffrey Blue told the court that the Magpies chief went back on his word as Ashley apparently promised him a multi-million pound figure if he could increase Sports Direct's share price.
It was heard in court that the pair had engaged in 'drink-fuelled' meetings in a pub, with one occasion resulting in Ashley 'vomiting into a fireplace'.
Ashley's lawyers said he had won a 'comprehensive victory' although the court was also told that more than one meeting had taken place. The hearing heard that Ashley met Blue
Blue described Ashley as a 'serious businessman', however, he also said the work ethic at Sports Direct was '
The judge said that during the Horse and Groom meeting, Ashley promised him £15m, although Sports Direct chairman Keith Hellawell said Blue only mentioned the figure of £1m to him.
Going in Ashley's favour, judge Justice Leggatt said: "No reasonable person present would have thought that the offer to pay Mr Blue £15m was serious and was intended to create a contract.
Leggatt ordered that Blue would have to pick up Ashley's legal bill of £1.5m, as well as his own of 'one million odd'.
After the hearing Mr Ashley said: "The only reason the Sports Direct share price exceeded £8, and will hopefully do so again, is because of the sterling efforts of all the people who work at Sports Direct."