REG - JD Sports Fashion - Response to Media Reports

JD Sports FashionAnnouncement

08/11/2021 07:05

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RNS Number : 5746R  JD Sports Fashion Plc  08 November 2021

8 November 2021

JD Sports Fashion Plc

Response to Media Reports

The Board of JD Sports Fashion Plc ("JD") notes the contents of articles
published over the weekend in The Sunday Times. For the sake of balance, the
Board feels that the following responses are relevant and important to note:

 

·     Peter Cowgill has known Barry Bown on a business and personal
basis for over 25 years. As a result, it is not unusual, or in any way
suspicious or illegitimate, for them to meet from time to time, including in
relation to the ongoing review by the Competition and Markets Authority
("CMA") of JD's acquisition of Footasylum Limited ("Footasylum"). The Sunday
Times omitted to report on the positive obligation that JD has under the terms
of the Interim Enforcement Order ("Order")  to take all reasonable steps to
encourage key staff of the Footasylum business (which includes Barry Bown) to
remain with the business.

 

·    The CMA has already been fully apprised of the content of the
meeting on 5(th) July 2021 and the reasons for it and JD firmly believes that
its actions in participating in this meeting do not amount to wrongdoing or a
breach of the Order and does not see how it would be reasonable to accuse JD
of such.

 

·    It is disappointing that the Sunday Times has not reported in a more
balanced way on the highly irregular and potentially illegal covert
surveillance undertaken by a third party for their own interests.  JD hopes
that a regulator, tasked with acting in the wider public interest, is able to
more critically regard the actions of the third party for what they are.

 

·     Any suggestions with regard to Corporate Governance breaches are
totally refuted. JD's stakeholders are very aware that the Chairman and the
Board treat governance matters extremely seriously and with the utmost
transparency. As demonstrated at the recent Capital Markets Event for
investors, the success of the business is underpinned by its core values and
integrity.

 

·    The Board has previously committed to divide the roles of Chairman
and Chief Executive before the next Annual General Meeting and we can confirm
that this process is progressing with a view to optimising the outcome for all
stakeholders. Strengthening of the Board is also well advanced with one new
independent Non-Executive Director appointed in September 2021 and the
appointment of a further independent Non-Executive Director imminent.

 

 

Enquiries:

JD Sports Fashion plc
 
           Tel: 0161 767 1000

Peter Cowgill, Executive Chairman

Neil Greenhalgh, Chief Financial Officer

Jennifer Iveson, Investor Relations

 

MHP
Communications
                                  Tel: 0203
128 8193

Andrew Jaques

Peter Hewer

Charles Hirst

Catherine Chapman

 

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