Quantcast

Sports Direct, JD, Hummel contracts all in flux

396

At the High Court in London yesterday, Mr Justice Phillips was told by both counsels that Newco Rangers had accepted claims by Sports Direct that they were entitled to match and retain any retail contract offered by a competitive organisation.

A clause to this effect was inserted in the agreement signed a year ago, which also saw Newco pay Sports Direct £3m to terminate their existing agreement this summer, while buying Newco shares owned by Mike Ashley at a premium price of 27p per share.

Apart from ordering Newco to pay Sports Direct costs, the judge declined to act, telling both parties to get on with it.  Although Newco have conceded their earlier position was wrong, much work has still to be done to effect the terms of the contract and put any new deal in place.

The mechanisms to bring about a new deal between Newco and Sports Direct are difficult.  The deal Newco apparently made with JD Sports to pick up retail operations from now is clearly in jeopardy, which could cause additional problems for the Ibrox club.

Justice Phillips told Sports Direct counsel, “You are going to get your new contract with Rangers (sic.),” but this is far from certain.

Newco will have to look at whatever contract they have signed with JD Sports, a contract they will have to terminate before they can even open discussions with Mike Ashley’s representatives.  A sticking point in this respect is likely to be non-disclosure terms.  JD cannot allow their direct competitor sight of their offer.

It would be more appealing to pay Ashley off, again, and do business with JD Sports, than offer JD Sports compensation for terminating a contract they will expect to earn millions from.  The latter option would necessarily reveal JD’s offer structure, terms and contract nuances to their principle competitor.  A clear violation.

Ashley knows this.  He is likely to hold out for the disclosure the contract requires.  It will be an added bonus to an already sweet deal.

The first call will be to JD Sports, who will be asked if they will tear up a contract worth millions, and agree that their commercial offer details can be shared with Sports Direct.  JD are a FTSE 250 company in their own right, and a subsidiary of Pentland Group, which also owns Speedo, Mitre, Red or Dead and Kickers.  I cannot even imagine who would have the authority to tear up such a deal without appropriate compensation.  But, there again, I cannot imagine the compensation figure Ashley would demand to tear up his contract.

Then there is the Hummel contract to consider.  Kit sponsorship deals depend on kit being sold.  Financial returns are performance dependent.  This is another can of worms.  The first summer of this deal will be over with the Danish manufacturer significantly down on projections.

The short history of Newco has seen a litany of horrendous commercial decisions but none more onerous than the deal signed with Sports Direct last year, or this year’s cataclysmic oversight not to honour that deal.

They bought 9% of their own shareholding for an inflated price of 27p, paid £3m in cash to curtail the existing agreement, will now have to make good to either JD or Sports Direct, and pay £500k legal costs.

The problem, as you and I know, is not Mike Ashley.  The world knows what kind of character Ashley is, there can be no surprises on that front when it comes to this.  The problem is Newco is a shambles of an operation.  Vain-glorious statements are the only environment they compete in, and in that competition, they are the real world champions!

Why the ‘Rangers’-sympathetic journalists have not chased him out of town is inexplicable.  He is doing damage in plain sight but being allowed a free ride.  We will miss him when he goes.

Click Here for Comments >
Share.

About Author

396 Comments

  1. blantyretim is praying for the Knox family on

    Kev

     

    Fed up telling orcs we are still the same club without reading your crap in relation to Celtic 1994

     

     

    We became a PLC (which I obviously have issues with)but we remain unbroken unblemished and unrepentant

  2. Funbhoy 3,yep that sounds a great name,I noticed the other 3 wise men,must have took my advice ,1 Valium each,the thought of the Huns winning the league,has put them over the edge,poor wee souls,??????

  3. The Pier Pee’r

     

     

    A man put out a fire on the world’s longest pleasure pier by urinating on it.

     

     

    Thomas Watson noticed a small fire on the deserted Southend Pier and took matters into his own hands by relieving himself over the flames.

     

     

    The council thanked him for his “quick-thinking tinkling” but said it was confident its own sprinkler system would have worked, as The Sun reported.

     

     

    BBC website

  4. GreeninbingleyinOslo on

    Regarding the current fishwifery about Angry Brendan and the Transfer Targets… (saw them in the ole Burn’s Howff back in the day…what a waste of time and money etc)

     

     

    A 10-second scan of the BBC football website today offers up the following:

     

     

     

     

    Disgruntled Mourinho wants at least two signings but only expects one

     

     

    Tottenham manager Pochettino ‘does not know’ if the club will sign any more players.

     

     

    Rafa Benitez says he still wants four players.

     

     

     

    I’m sure there are many, many more but I got bored.

     

     

    But you get the drift, eh.

  5. The Celtic Football and Athletic Company Ltd. 1888 / 1994 on

    Who is this Kev with his crap?

     

    If the name changed, and it did, why deny it?

     

    What is there to hide?

     

    What’s the point in believing in Jesus, if your incapable of being honest, just like Jesus?

  6. thomthethim for Oscar OK on

    BOURNESOUPRECIPE on 31ST JULY 2018 2:14 PM

     

    MIKE IN TORONTO on 31ST JULY 2018 2:01 PM

     

     

     

     

     

     

    ” Its not personal Sonny, its strictly business ”

     

     

     

     

     

     

    Michael Corleone

     

     

    *****

     

    “Just when you think you are clear of SD, they suck you back in again”.

     

     

    Big Mike Corleone.

  7. thomthethim for Oscar OK on

    I wonder what has brought the rash of apparently Celtic supporting trolls on to the blog at this time.

     

    Many from faraway places with strange sounding names.

     

     

    One would think that there was an orchestrated PR campaign, from some PR company, on a mission to derail Celtic.

     

     

    What would it be like if we were actually doing well?

     

    Beware the enemy within.

  8. Brendan getting some monikers on here recently.The latest,he is a “A Fudge”.I keep having to go back to the top of the page to make sure its says,Celtic Quick News.Timbhoy seems to now be hoping his predictions come true.Just to prove he was right,like.

     

    Somebody was saying the other day,that standing at Celtic Park in the bad old days,when we were winning nothing,was in a lot of ways better than present.The sense of togetherness,to combat the misery of what we were suffering.I have to agree.I remember being excited when we signed Hugh Maxwell !!!!!!!!!!!??.Thats how easy pleased we were under the Kellys andWhites.

  9. mild mannered Pedro delgado on

    Jist ,jist,jist JIST… forgot what a was gonny say

     

     

    Sumbout kilts?

  10. !!Bada Bing!! on

    Level 5 fuds on here, as they are incapable of cobbling together a statement of lies to cover the ar$# of The Lying King

  11. The same Kellys and Whites who shafted the fans ?. Cash only at the gate !. Not givin a FF about the fans.

     

     

    Dry Rolls and Cheese/Spam or wrigleys/Macaroon bars !.

     

     

    Aye……Great days !

  12. thomthethim for Oscar OK on

    ADI_DASSLER on 31ST JULY 2018 4:25 PM

     

    The same Kellys and Whites who shafted the fans ?. Cash only at the gate !. Not givin a FF about the fans.

     

     

     

     

     

     

    Dry Rolls and Cheese/Spam or wrigleys/Macaroon bars !.

     

     

     

     

     

     

    Aye……Great days

     

     

    ****

     

     

    Yep, great days indeed.

     

    That feeling of stepping out on the terracing on the first day of the new season. This was usually the Trial game 1st v Reserves, looking out on the magnificent green sward in front of us.

     

     

    Ach, as I said, I suppose you would have had to have been there.

  13. adi dassler

     

     

    And the finest pies and bovril that money can buy.

     

    You forgot about that one!

  14. ThomtheTim,

     

     

    Yep,pre season game. 1st team v Reserves.Reserves in the Shamrock strip.

     

    No matter how bad it was,how bad the Stadium was,how hopeless our chances were of winning anything,we still turned up every game.The fekin horrors that we had to endure.

     

    Thats what annoys me most at the moment with the whingers.Spoilt brats with a sense of entitlement.In a way,much like the present scum across the City.

  15. thomthethim for Oscar OK on

    GARY67 on 31ST JULY 2018 4:34 PM

     

    Time to bin CQN. Used to be informative, now beyond tedious.

     

     

     

    ***

     

    I am more than inclined to agree with you. Having been on here since within a couple of months of it’s birth, it is unrecognisable from those days.

     

     

    It was informative and influential,with excellent posters, exchanging alternative views.

     

     

    Ever since it became a bazaar for flogging anything and everything with the word Celtic attached and a home for self appointed comic geniuses, it has gone steadily into the gutter.

     

     

    After one of two exchanges, aggression becomes the tone of most debates.

     

     

    We now have click bait artists, who post outrageous slurs and/or inane comments, merely to provoke a response.

     

     

    I can’t believe that Paul Brennan exerts much control on the site now.

     

     

    As has been apparent over the last few days, there is an obvious disconnect between us older guys, who have been around since the 50’s/60’s and the younger ones.

     

     

    It probably just reflects society in general, where there is an intolerance of each other’s views.

     

     

    I would really be loath to leave the blog, but it is becoming increasingly easier to consider it, as it has been poisoned, either by disaffected Celtic supporters or enemy trolls.

     

     

    Either way, it is not a nice place to be.

     

    I am fortunate to have off-blog contacts for a few lads, who I consider to be be sound and are contactable.

     

     

    It’s up to those who continue to post to decide what kind of blog it is.

  16. mike in toronto on

    I am not sure what relevance the Kelly’s have to any of this …

     

     

    If TODAY our Board isn’t acting as it should, it is no defence to say, well, (i) but now we are winning … or (ii) the last Board did the same thing.

     

     

    If a client is charged with speeding, it is no defence to say ‘but Judge, everyone else speeds’ or ‘but, judge, he always speeds when driving on this road’…

     

     

    On May 23, 2012, P67 (who everyone, I believe, accepts has connections within Celtic Park) wrote:

     

     

    “Tank engines growl.

     

    Their long journey is over.

     

    The doors fly open, marble glistens in the evening sun.

     

    But where are the guards? No one is here.

     

    A child on a donkey could conquer this castle.”

     

     

    Do people not wonder how this ‘sure thing’ turned into the biggest flustercuck in scottish sports history?

     

     

    I would think that we wouild because, whether the Kelly’s were, as suggsted, skimming, or Rangers stealing titles (and hence money), it was the Celtic fans who have been the most ripped off …. if nothing else, I would have thought we would want to make sure that doesn’t happen again (still).

  17. Can I please check

     

     

    Is the Kerrydale open tomorrow evening and showing the match?

     

    Anything I should know ref entry?

     

    And will they be serving food?

     

     

    HH and thanks in advance.

  18. Does anyone know which time Premier Sports 2 actually launches at today? I’m beginning to think that it’s a myth.

     

     

    I see Tav’s in the chipwrappers again telling anyone who’ll listen that they’re going to give it a right good go at all three trophies next season. Did he not say the same thing last season? I think he’ll probably say it again next year. It’s like Groundhog Day with the same old claptrap in the papers from a rotating list of former and present day Huns spouting their pro-Sevco wishful thinking. I can’t wait to see Celtic tomorrow night and get to the League opener on Saturday.

     

     

    As Phil says, Sevco have won the close season, the phony war, as they do each year. Now is that difficult, tricky time when someone introduces a ball to the proceedings.

     

     

    COYBIG

  19. Billy Bertie and Bobby on

    I got taken to my first game at Celtic Park not long after Jock stein become manager. All I knew for the next 10 years or so was league titles cups galore and of course the big cup.

     

     

    Even so there were a lot of moaners amongst the support. I found this hard to get my head around cos prior to stein taking over the club had hardly won anything in years.

     

     

    Fans will always criticise and complain which they’re entitled to do but I find it hard to knock the team when they are doing so well. Each to their own. HH

  20. !!Bada Bing!! on

    STRONG performance from the Hoops last night saw the Bhoys fight back from a goal down to secure a 3-1 victory, thanks to a deadly double from Odsonne Edouard and a stunning strike from Olivier Ntcham.

     

     

    The European adventure continues next week (Wednesday, August 1) when the Celts travel to Norway with a vital win in hand, to take on Rosenborg in the all-important UEFA Champions League second qualifying round match.

     

     

    Supporters can watch every minute of the action from the comfort of the Kerrydale Bar at Celtic Park with a live screening of the game.

     

     

    Expect a family-friendly atmosphere for the 7:45pm kick-off on Wednesday, August 1 with the lounge and bar open to fans from 6pm, with food court facilities also available.

     

     

    Half-time snacks will be supplied and the bar will remain open until 10:30pm, so why not join us for some midweek action as the Bhoys continue their UEFA Champions League campaign.

     

     

    Book now for just £5 per person – places must be booked in advance by calling 0871 226 1888 (option 4 then option 5)* or email events@celticfc.co.uk

  21. TTT

     

     

    plus ca change

     

     

    We mustn’t forget that we have body language experts, and psychics on here, that ‘know’ Brendan isnae happy, experts in posting p@sh that they won’t admit they read somewhere else on the internet.

     

     

    Celtic always get ‘slaughtered’ in the summer its an annual event because we’ve stopped playing football and winning double trebles every week. SMSM and the negativists can go into overdrive plunging the mineshafting miserabalists further and further into the abyss that is the original anti Celtic.

     

     

    Rainjurz are brilliant because they haven’t played anybody yet, and they can say nice things and run two page specials on ‘loan Rainjurz’ that have played one game, take ‘phone ins’ and hotlines with hosting cheerleaders, fill miles of internet pages about this seasons dross dressed as lamb.

     

     

    When Saturday comes their 4th kit will still be teeshirts, and with their marching season window still wide open they might sell a jersey or two, – well then again maybe not.

     

     

    In the meantime with the real transfer window still open we have spent more money on lightbulbs, and 60,000 Celtic fans roll up to see the champions.

     

     

    As ever CSC

  22. weebobbycollins on

    And James Tavernier, the rangers captain, holds aloft the close-season nothingness trophy and proudly shows it to his adoring fans…both of whom are leaving now to go catch a bus…

  23. onenightinlisbon on

    Rarely post. Read the blog most days and getting more and more fed up with so much negativity on here. The sense of entitlement amongst some of the people who post on here is akin to the worst Sevconians. I wonder what will happen when we don’t win a trophy. The snow aff a dyke loyal?

  24. !!Bada Bing!! on

    BSR- Spot on, G67 et al, the trolls will depart, keep at it Bhoys, though can be stormy waters at times

     

    Sailing CAC

  25. Guys I have premiere sports and virgin and checked channels for tomorrow, I cannot see a premier sports 2 channel.

     

     

    Hopefully I can get the game as I have mates coming in for it.

     

     

    Any information?????

     

     

    HH

     

     

    D. :)

  26. mike in toronto on

    The way I see it …

     

     

    most of us (not all, but most) got our love of Celtic form our fathers who got it from their fathers ….

     

     

    our fathers and their fathers were cheated, and treated like second class citizens… they maybe coudnt prove it, but, deep down, they knew it …

     

     

    and we can now prove that we have been cheated …

     

     

    we had a chance here to make a difference … maybe not fix everything, but to make a difference, so, that hopefully, our children and their children wouldn’t be cheated like we have been cheated …

     

     

    I think we owe it to the fans who came before us to do what we can to make a difference…

     

     

    my dad died six years ago, but he got to see the shit hit the fan ….

     

     

    he did what he could so that his kids could have a better chance in life …

     

     

    I believe my dad would have wanted us to do our best to clean up what we could …

     

     

    Standing up for what is right is a big part of the Celtic that my dad passed down to me.