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SBD Global/September 27, 2012/Finance

Newcastle Owner Mike Ashley's Bid To Take Over JJB Sports Hits Last-Minute Snag

Newcastle United Owner Mike Ashley’s bid to rescue JJB Sports stores from closure "is in jeopardy after an eleventh-hour spat with adidas," according to Andrea Felsted of the FINANCIAL TIMES. Ashley's Sports Direct and adidas "are at loggerheads over the price at which it would take JJB’s Adidas stock under an administration," people familiar with the situation said. A deal "is thought to have been struck" between Ashley and KPMG, which is trying to find a buyer for JJB’s assets. KPMG wanted to announce Sports Direct’s acquisition of a parcel of JJB’s stores on Wednesday. The row with adidas could send Ashley packing. One person familiar with the deal said, "[This is] a big fly in the ointment of the deal.” Adidas could not be reached for comment. Sports Direct and KPMG declined to comment. However, other people close to the sale process said they did not think the issue would be a "sticking point to a deal" (FINANCIAL TIMES, 9/26)
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