A controversial move by billionaire Sports Direct tycoon and Newcastle United owner Mike Ashley to install himself as chairman of Greater Manchester home shopping group Findel appears to have failed. However, discussions surrounding his role on the board are "ongoing". The company said it had decided not to appoint Ashley to the role and would now move to get an independent executive chairman in place. In early July, Findel confirmed to investors that it was in the early stages of discussions with Sports Direct regarding a possible commercial supply arrangement between its subsidiary Express Gifts and Sports Direct. The proposal was made by Schroders on behalf of Sports Direct and included a requirement that Ashley be made chairman, replacing the outgoing David Sugden. However, Findel today (29 July 2016) said: "The board remains of the view that there is merit in a commercial supply agreement with Sports Direct, but Sports Direct is unwilling to take this forward until the role of Mike Ashley on the Findel board is clarified. "Discussions on both topics are ongoing. "The board has decided not to appoint Mike Ashley as chairman and will now move as quickly as possible to appoint an independent executive chairman. "As a result of the delays to this appointment, David Sugden will continue as executive chairman beyond his planned departure date until such time as a replacement has been appointed." Meanwhile, Sports Direct has completed the purchase of 365,957 of its ordinary shares from Citigroup Global Markets at a price of 285.2p per share. As a result, it now holds 42,503,465 ordinary shares as treasury shares.
Greater Manchester home shopping group Findel has decided not to appoint Sports Direct chairman Mike Ashley as chairman , but said discussions surrounding the controversial man 's role on the board are " ongoing . " Plans are underway to appoint an independent executive chairman . Earlier this month , Ashley was in talks with Sports Direct for a " commercial supply arrangement . " Findel has confirmed there is still merit in the proposal , but said in a statement that " Sports Direct is unwilling to take this forward until the role of Mike Ashley ... is clarified . "