Week Ending: Time to close the JJB circus
ENOUGH is enough. It’s surely time for the soap opera that has become JJB Sports to end.
One investor described the row between executive chairman Sir David Jones and rival and one-time business associate Mile Ashley over a £1.5m loan as a “circus” and that is not too wide of the mark.
The real issue for this company, and its thousands of staff, is its long-term viability, which is dependent on raising up to £50m through the capital markets.
Today is JJB’s annual meeting at its Wigan HQ, where Mike Ashley, the founder of Sports Direct, or one of his underlings, will supposedly confront Sir David over the loan.
Once this has been done, and investors have had their say too – they are to vote on Sir David’s re-election to the board – please let this matter rest.
If he is re-appointed Sir David, who is doing a good job in leading JJB out of the woods after a terrible 18 months, will have a clear mandate to get on with his job, and should be left to do so unhindered.
Surely Mr Ashley has other fish to fry? Perhaps he should devote more time to his own interests, namely Sports Direct, which has axed its dividend after a 91% plunge in profits, or at Newcastle United, which he is still trying to sell after a calamitous year which culminated in relegation from the Premiership.
Meanwhile in Manchester, matters green were on the agenda.
Not the green shoots of recovery, but the launch of a Eco Cities, a pioneering research project launched by property company Bruntwood, the University of Manchester and the city council.
The scheme will create a research blueprint for how cities will have to adapt to address and mitigate the effects of climate change.
A long-term project which Bruntwood – one of the North West’s most socially-responsible businesses – is bankrolling to the tune of £650,000, Eco Cities has the potential to put Manchester and the North West at the forefront of the battle to tackle climate change.
As Bruntwood chairman Mike Oglesby set out in stark terms: “Doing nothing is not an option”.
The other major news of this week saw the Government unveil a £100m scheme to improve rail links between Manchester and Liverpool.
Any investment in the North West transport infrastructure is to be lauded and is long overdue.
