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Sports Direct to vote against reappointment of Goals Soccer board amid accounting spat

The retailer, which has a 18.9% stake in Goals, said the move had been prompted by a “perceived lack of transparency” and “loss of confidence” in the board after management rejected a request to appoint corporate investigator Kroll to carry out an independent review of the accounts

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Goals was plunged into crisis in March after discovering it owed over £12mln in unpaid VAT

Sports Direct International PLC (LON:SPD) has said it will vote against the reappointment of the entire board of five-a-side pitches operator Goals Soccer Centres PLC (LON:GOAL) amid an ongoing spat over historical accounting errors.

The Mike Ashley-owned FTSE 250 retailer, which has a 18.9% stake in Goals, said the move had been prompted by a “perceived lack of transparency” and a “loss of confidence” in the board after management rejected a strongly worded request from Sports Direct on Thursday to appoint corporate investigator Kroll to carry out an independent review into its accounts.

READ: Goals Soccer rejects Sports Direct’s request for another investigation into tax cock-up

Goals was plunged into crisis back in March after discovering it owed more than £12mln in unpaid value added tax (VAT).

Its shares have been suspended ever since, and chief executive Andy Anson said last month he would be leaving the company to become the head of the British Olympic Association.

Goals has already appointed forensic accountants to run the rule over its books following the scandal, while consultancy group Deloitte is set to be brought in shortly to carry out an internal investigation.

However, Goals snubbed Sports Direct’s request for the independent review by Kroll, saying on Thursday that it believed it did not need to appoint further advisors “at this time”.

As a result of the rejection, Sports Direct said it would be voting against the reappointment of the board at the group’s AGM, which is due to be held next Friday.

In early trading on Friday, Sports Direct shares were down 0.7% at 283.8p.

Quick facts: Goals Soccer

Price: 27.2 GBX

AIM:GOAL
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