Sports Direct launches takeover bid for Goals Soccer Centres

Sports Direct already owns 18.93% of the sports pitch operator and has offered 5p a share for just over 80% of the remaining shares – much lower than Goals’ 27.2p closing price on its last day of trading before shares were suspended in March.

Goals announced at the end of August that it had started a process to invite offers for the business and assets (known as an AMA); Goals also stated that there was no certainty as to the timescale or outcome of this process and there has been no further announcement. 

Sports Direct said it believes the board of Goals is “not committed to maintaining Goals’ trading facility” and it seems only interested in “pursuing the AMA process whilst, at the same time through the loss of the trading facility, depriving Goals’ shareholders of the ability to vote on it”. 

Sports Direct said Goals shareholders deserve an opportunity to consider its offer.

Following an ongoing investigation into the historic accounting practices of Goals Soccer Centres, the company’s full-year 2018 audit was suspended in August until September 30 and until “further clarification on the historic financial statements has been obtained”.

The five-a-side pitch operator uncovered “improper behaviour within the company” involving a “number of individuals for a period since at least 2010”.