Make your money go further for just 25p per day

Sports Direct struggles to manage Goals

Football field managed by Goals Soccer Centre in floodlights

Having failed to gain control of Debenhams, Mike Ashley’s Sports Direct has turned its attention to its other failing investment in Goals Soccer Centres, the operator of small-sided football centres in the UK and California in which it holds a 19% stake. But, as was the case with Debenhams, things aren't really going Mr Ashley's way.


Mike Ashley's determination to create the 'Harrods of the high street' has seen Sports Direct (LON: SPD) take stakes in several retailers in the last few years. Some of those acquisitions have performed worse than others. Goals Soccer Centres (LON:GOAL), for example (in which the company has a 19% stake), has struggled for several years and a £12m under-declaration of VAT (which could increase) has pushed the group to the brink. Shares in the company are currently suspended on AIM, pending clarification of it financial position, much of which depends on the VAT position.

Sports Direct is asking for advisers from corporate investigations and risk consulting firm Kroll to be appointed to assist Goals in examining its historical treatment of VAT as well as its ongoing discussions with HMRC. However, the management of Goals is insistent on using a division of its own auditors (BDO) to undertake the work, with the help of Deloitte. Kroll has a reputation for getting to the bottom of things and…

Sign up and read the full article

Register to continue reading this article.

Get FREE access now

Already a member? Login

Have your say

Log in or register to view or add comments.

For access to the top news and insights from the investment world

REGISTER FREE TODAY

Become a Champion Investor for as little as £3.20 per report or get a year's worth of money-making analysis for just £90.

SUBSCRIBE NOW

More on Goals Soccer Centres

Sports Direct struggles to manage Goals

21/06/2019 · News & Insights

Having failed to gain control of Debenhams, Mike Ashley’s Sports Direct has turned its attention to…


AIM’s rejuvenated growth stories

23/09/2016 · News & Insights
​Results from AIM’s star performers continue to impress with many delivering meaningful growth in earnings and…

Goals Soccer Centres (AIM:GOAL) – do they take us for idiots!

14/03/2016 · News & Insights
The self-styled market leader in outdoor small-sided soccer centres with 47 sites, including one in California,…

An epic fortnight for results and updates from AIM

11/09/2015 · News & Insights
We have been publishing commentaries on a huge number of AIM Companies since 2006. Our writers…

Goals Soccer Centres (AIM:GOAL) will the growing love of soccer in the US come to the rescue?

09/09/2015 · News & Insights
The leading player in the UK 5-a-side soccer market announced disappointing interim results for the six…

More on Sports Direct International PLC

Sports Direct struggles to manage Goals

21/06/2019 · News & Insights

Having failed to gain control of Debenhams, Mike Ashley’s Sports Direct has turned its attention to…


Good governance: five steps to investment success

16/04/2019 · Investors Clinic

Weak corporate governance can have a major impact on shareholder returns and is therefore seen as…


Sports Direct shares remain firm as Mike Ashley pursues Debenhams

28/03/2019 · News & Insights
Debenhams is intent on pursuing its debt-to-equity refinancing plans which will see existing shareholders almost completely…

New Year, new you: profit from your resolutions

07/01/2019 · Investors Clinic
This January, thousands of us will drag ourselves into the gym, or spend our days craving…

Sports Direct to move to AIM?

17/09/2018 · News & Insights
This could make a lot of sense, as we highlight here.....

More from the News & Insights

Fulham Shore: more questionable director transactions

16/07/2019 · Fulham Shore

Victoria highlights the art of creative financial reporting

15/07/2019 · Victoria

The week at a glance: 8 July – taxing times for tech

12/07/2019 · Alphabet · Amazon · Apple · Facebook · Marks & Spencer · Ocado · Thomas Cook