FD hired in Sports Direct U-turn

Sports Direct has completed a massive u-turn and abandoned plans to hire Finsbury in favour of FD.

FD, which is representing founder Mike Ashley on his intended takeover of Newcastle United, was turned to after chairman David Richardson quit yesterday (Thursday).

The remarkable turnaround – Finsbury had seemed odds-on to bag the brief after beating-off competition from Citigate and Bell Pottinger Corporate & Financial – completes a torrid time for the recently listed company.

In April Tulchan was sacked after guiding Sports Direct successfully through a billion pound floatation. The firm subsequently received negative press for cancelling analysts meetings and slipping share prices. Terse statements with no contact information did little to ease shareholder ire.

The hire of FD, which has successfully managed Ashley’s football interests, is a sign the company wants to shake-up its act.

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