Ashley faces the prospect of being banged up.
Posted on September 11th, 2009 | 18 Comments |
Acting on a tip-off from JJB Sports, the Office of Fair Trading and the Serious Fraud Office raided Ashley’s Sports Direct offices following allegations of fraud and price-fixing.
JJB’s own offices were raided too but they’ve allegedly been offered immunity from prosecution in return for their cooperation. JJB reported Sports Direct to the OFT in January a few days after it suspended Chris Ronnie, its CEO and a former friend and employee of Mike Ashley.
It all sounds a bit tit-for-tat because in 2000 and 2001 it was Ashley pointing the finger at JJB Sports, landing the company a £6.7m fine for its price-fixing activities, for which I assume they were less than grateful. However, since then price-fixing has been declared a criminal activity and is punishable by up to 5 years in the clink and an unlimited fine so, if guilty, Ashley is likely to face a much harsher penalty than a mere £6.7m fine.
Newcastle United is a separate legal entity so the club should not be directly affected by the goings-on at Sports Direct, although they could be affected indirectly if Ashley’s personal fortunes – financial or otherwise – take a hit as a result of any punishment meted out following the SFO’s activities.
Given Ashley’s history of poor communication with fans it’s unlikely to make much difference in that respect if he’s banged up for a few years. At least we’d be able to find him and he might get a few visits from people in black and white shirts to cheer him up.
Well, well….a cockney barrow boy in trouble with the law. There’s something you don’t see every day, guvnor and no mistake…..
:0))))))