This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.theguardian.com/uk-news/2017/jul/26/mike-ashley-high-court-pub-deal-jeffrey-blue-sports-direct-newcastle-united

The article has changed 8 times. There is an RSS feed of changes available.

Version 2 Version 3
Mike Ashley wins high court battle over '£15m pub deal' Mike Ashley wins high court battle over '£15m pub deal'
(35 minutes later)
Newcastle United owner and Sports Direct boss Mike Ashley has won a high court battle with investment banker Jeffrey Blue over a £15m deal allegedly made in a London pub.Newcastle United owner and Sports Direct boss Mike Ashley has won a high court battle with investment banker Jeffrey Blue over a £15m deal allegedly made in a London pub.
The case revolved around Blue’s allegation that during a “night of heavy drinking” in January 2013 Ashley agreed to pay him £15m if Sports Direct’s shares doubled to £8.The case revolved around Blue’s allegation that during a “night of heavy drinking” in January 2013 Ashley agreed to pay him £15m if Sports Direct’s shares doubled to £8.
Mr Justice Leggatt, who had said he found the case “a lot more interesting than some”, ruled that no one would have thought what Ashley said in the pub was “serious”.Mr Justice Leggatt, who had said he found the case “a lot more interesting than some”, ruled that no one would have thought what Ashley said in the pub was “serious”.
Ashley was not in court to hear the judge deliver his ruling, but his lawyers said he had won a “comprehensive” victory and in a statement the businessman 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.”Ashley was not in court to hear the judge deliver his ruling, but his lawyers said he had won a “comprehensive” victory and in a statement the businessman 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.”
Ashley, who gave evidence at the trial, said he could not recall making the alleged deal and if he had it would have been “obviously just banter”.Ashley, who gave evidence at the trial, said he could not recall making the alleged deal and if he had it would have been “obviously just banter”.
He had told the court that he had met Blue and three other finance specialists at the Horse & Groom pub and “consumed a lot of alcohol”.He had told the court that he had met Blue and three other finance specialists at the Horse & Groom pub and “consumed a lot of alcohol”.
“I can’t remember the details of the conversations that we had in the pub as it was a heavy night of drinking,” Ashley had said.“I can’t remember the details of the conversations that we had in the pub as it was a heavy night of drinking,” Ashley had said.
“I do remember that we had a lot of drinks and a lot of banter.“I do remember that we had a lot of drinks and a lot of banter.
“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 Blue, who he called “Jeffers”, £1m for “other deals” unrelated to the night in the Horse & Groom.He said he paid Blue, who he called “Jeffers”, £1m for “other deals” unrelated to the night in the Horse & Groom.
Blue told the judge that Ashley was a “serious businessman”.Blue told the judge that Ashley was a “serious businessman”.
He said the work ethic at Sports Direct was “like nothing else I have ever seen”. But he said Ashley sometimes did business “in unorthodox ways and in unusual venues”.He said the work ethic at Sports Direct was “like nothing else I have ever seen”. But he said Ashley sometimes did business “in unorthodox ways and in unusual venues”.
Blue claimed Ashley once vomited into a fireplace after a senior management meeting that was “effectively a pub lock-in” and said the businessman would take naps under tables at “boring” meetings.Blue claimed Ashley once vomited into a fireplace after a senior management meeting that was “effectively a pub lock-in” and said the businessman would take naps under tables at “boring” meetings.
Lawyers told the judge that Ashley had run up legal bills of £1.5m, and Blue bills of “£1m-odd”.
The judge said Blue would have to pick up Ashley’s legal bills and £600,000 would have to be paid on account within the next month.
Lawyers indicated that Blue had been “assisted” by insurers in launching the litigation.