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| Sports Direct boss Mike Ashley wins £15m court case | Sports Direct boss Mike Ashley wins £15m court case |
| (about 2 hours later) | |
| Sports Direct boss Mike Ashley has won a High Court battle with an investment banker over a £15m deal allegedly made in a pub. | Sports Direct boss Mike Ashley has won a High Court battle with an investment banker over a £15m deal allegedly made in a pub. |
| Jeffrey Blue told the court Newcastle United's owner reneged on a promise to pay him a multimillion-pound sum if he increased the firm's share price. | Jeffrey Blue told the court Newcastle United's owner reneged on a promise to pay him a multimillion-pound sum if he increased the firm's share price. |
| The court heard about "drink-fuelled" meetings in pubs, including one where Mr Ashley "vomited into a fireplace". | The court heard about "drink-fuelled" meetings in pubs, including one where Mr Ashley "vomited into a fireplace". |
| Mr Ashley's lawyers said he had won a "comprehensive" victory. | Mr Ashley's lawyers said he had won a "comprehensive" victory. |
| The hearing was told that four years ago Mr Ashley met Mr Blue and three other finance specialists at the Horse and Groom in London and "consumed a lot of alcohol". | The hearing was told that four years ago Mr Ashley met Mr Blue and three other finance specialists at the Horse and Groom in London and "consumed a lot of alcohol". |
| Mr Ashley said: "I can't remember the details of the conversations that we had in the pub as it was a heavy night of drinking. | Mr Ashley said: "I can't remember the details of the conversations that we had in the pub as it was a heavy night of drinking. |
| "If I did say to Mr Blue that I would pay him £15m if he could increase [Sports Direct's] share price to £8, it would be obvious to everyone, including Mr Blue, that I wasn't being serious." | "If I did say to Mr Blue that I would pay him £15m if he could increase [Sports Direct's] share price to £8, it would be obvious to everyone, including Mr Blue, that I wasn't being serious." |
| He said he paid Mr Blue £1m in "other deals" unrelated to the Horse and Groom meeting. | He said he paid Mr Blue £1m in "other deals" unrelated to the Horse and Groom meeting. |
| Mr Blue described Mr Ashley as a "serious businessman", but said the work ethic at Derbyshire-based Sports Direct was "like nothing else I have ever seen" with business conducted "in unorthodox ways and in unusual venues". | Mr Blue described Mr Ashley as a "serious businessman", but said the work ethic at Derbyshire-based Sports Direct was "like nothing else I have ever seen" with business conducted "in unorthodox ways and in unusual venues". |
| Analysis: Damian O'Neil, BBC North East | Analysis: Damian O'Neil, BBC North East |
| The £14m High Court case between Newcastle United owner Mike Ashley and a banker offered a revealing insight into how business is done in some quarters. | The £14m High Court case between Newcastle United owner Mike Ashley and a banker offered a revealing insight into how business is done in some quarters. |
| Stories of monster drinking sessions, kebabs and vomiting into a fireplace emerged as financial expert Jeffrey Blue tried to get Ashley to cough up. | |
| He claimed the Sports Direct founder had promised him the money in a deal struck in a pub, but Ashley said the conversation was no more than a joke. | He claimed the Sports Direct founder had promised him the money in a deal struck in a pub, but Ashley said the conversation was no more than a joke. |
| And a judge has now agreed no-one could have thought he was being serious. | And a judge has now agreed no-one could have thought he was being serious. |
| The judge said that during the Horse and Groom meeting Mr Ashley promised him £15m, but Sports Direct chairman Keith Hellawell said Mr Blue only mentioned the figure of £1m to him. | The judge said that during the Horse and Groom meeting Mr Ashley promised him £15m, but Sports Direct chairman Keith Hellawell said Mr Blue only mentioned the figure of £1m to him. |
| Ruling in Mr 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. | Ruling in Mr 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. |
| "They all thought it was a joke. The fact that Mr Blue has since convinced himself that the offer was a serious one, and that a legally binding agreement was made, shows only that the human capacity for wishful thinking knows few bounds." | "They all thought it was a joke. The fact that Mr Blue has since convinced himself that the offer was a serious one, and that a legally binding agreement was made, shows only that the human capacity for wishful thinking knows few bounds." |
| He ordered that Mr Blue would have to pick up Mr Ashley's legal bill of £1.5m, as well as his own of "one million odd". | He ordered that Mr Blue would have to pick up Mr Ashley's legal bill of £1.5m, as well as his own of "one million odd". |
| In a statement after the ruling 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." | In a statement after the ruling 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." |