Sports Direct welcomes news of Elverys examiner

UK group has shown interest in buying Irish chain

Nama took the decision to seek the appointment of the examiner amid fears of a legal challenge to the so-called “pre-pack” receivership arranged to sell the business to management.

Nama took the decision to seek the appointment of the examiner amid fears of a legal challenge to the so-called “pre-pack” receivership arranged to sell the business to management.

Fri, Feb 7, 2014, 13:32

UK sport retailer Sports Direct has welcomed the news that a temporary examiner has been appointed to troubled chain Elverys Sports.

The company said it had been a “frustrating week in the Elverys saga”.

“We hope that a permanent appointment over the next week will lead to a fair and transparent process over the future ownership of the Elverys sports chain,” said Sports Direct chief executive Dave Forsey.

The group, which is owned by UK billionaire Mike Ashley, sought to be allowed into the bidding process for Elverys, which was the subject of a €10 million management buyout.

Nama took the decision to seek the appointment of the examiner amid fears that Sports Direct or Stafford Group-owned Lifestyle Sports could mount a legal challenge to the so-called “pre-pack” receivership arranged to sell the business to management.

Mr Ashley said the company was prepared to pay a 25 per cent premium for Elverys, with Mr Forsey describing the firm as “an excellent strategic fit” for Sports Direct in Ireland. The deal would give the company, which has a stake in the Heatons retail chain, access to the replica rugby kit market.

“We believe we can offer the best solution for the future ownership of Elverys, which would be in the interests of all the stakeholders including the Irish taxpayer, creditors, consumers and employees,” Mr Forsey said.