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Pulled Punches on a Rainy Parade

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I’m indebted to James Doleman for his tweets from The Royal Courts of Justice this morning. This morning’s preliminary hearing went much further than anyone had anticipated. I predicted a reverse for Ashley. What I did not expect was for his counsel to throw in the towel.

There was a degree of confusion yesterday. The Royal Courts Press Office was briefing that the matter had been postponed until February 1. The courts’ listing stated that the preliminary hearing,  Sports Direct International Plc v Rangers International Football Club, would commence this morning. The latter proved to be accurate. The maverick Justice Smith continued to preside. Counsel for Ashley was Mr Guest. RIFC were represented by Mr McCormack.

Mr Guest for SDI stated that: “There was no verification of the loss statement as it had been decided not to pursue the matter further.” This leads to the conclusion that Ashley had agreed to drop the claim for £200,000 damages as a condition of the repayment of the £5m loan. We can also speculate that he will similarly pull his punches at the judicial hearing in April, should this proceed, which in the circumstances is unlikely. King added conditions to the loan repayment. Ashley acquiesced. Costs will be awarded to RIFC. Justice Smith directed RIFC to produce a detailed costs’ statement for his consideration when the matter returns to court for the formal hearing on 8th February. Five days have been allocated. Both Ashley and King will be in attendance.

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