Findel has refused to make Mike Ashley chairman
Mike Ashley has failed to bag the chairmanship of gift retailer Findel – but the company said this morning that "discussions are ongoing."
The company wants to agree to a deal with Sports Direct to act as an outlet for the sports shop's brand, but hasn't made Ashley chairman.
Read more: Mike Ashley is looking to make himself the chairman of Findel
Findel said in its AGM statement this morning that the board "remains of the view that there is merit in a commercial supply agreement" with Sports Direct.
However, Findel said the board has decided not to appoint Mike Ashley as chairman and is looking for someone else to take the job; current chairman David Sugden is stepping down at the end of Findel's AGM today.
Ashley still seems to be throwing his weight around, however. Sports Direct are refusing to negotiate the supply agreement with Findel until Ashley's position on the board is "clarified", Findel said.
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Sports Direct owns a 30 per cent stake in Findel, and it was initially thought that Ashley's bid to install himself as chairman would be impossible to block.
Ashley has been at the heart of a controversy over the working conditions in Sports Direct's Shirebrook warehouse recently, tarnishing his reputation. MPs on the Business, Innovation and Skills committee released a report detailing how workers were forced to stay after hours without being paid, and called selfish for wanting to leave on time.
Sports Direct's share price jumped yesterday after it announced it would be undertaking a £90m share buyback.
Sports Direct has been approached for comment.