Sports Direct founder Mike Ashley is in the High Court over a £14 million breach of agreement.
Ashley is being sued by Jeff Blue, the company’s former strategic development director.
Blue claims that Ashley breached an agreement made in a pub in London in 2013. The pair had been out drinking, when Ashley allegedly promised Blue £15 million if he doubled Sports Direct’s share price within a three-year period.
Sports Direct’s share price reached £8 for the first time in February 2014, with Ashley paying Blue £1 million for his assistance, although no records were made of the payment.
Ashley alleges that the payment was not in relation to any deal made with Blue on the night out. Blue is now taking Ashley to court for the £14 million he was allegedly promised.
The Financial Times reports that Blue said Ashley “said words to the effect of which was… if he can get the stock to £8 per share why should I give a f*** how much I have to pay him, as I will have made so much money it doesn’t matter”.
Ashley has issued a statement against Blue’s allegations. In it he states that a “considerable amount of alcohol was drunk” and that no formal agreement had been made.