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Leicester fined up to £880,000 over price fixing with JD Sports
Leicester fined up to £880,000 over price fixing with JD Sports
Leicester are to be fined up to £880,000 after “colluding to restrict competition” alongside JD Sports in the sales of club clothing, including replica kit, according to the UK competition watchdog. The Competition and Markets Authority (CMA) has said the Sky Bet Championship side and JD Sports have admitted to anti-competitive behaviour, which include “price fixing conduct”. The parties broke competition law between 2018 and 2021 with arrangements which limited competition in the sale of clothing, the CMA said it has provisionally found. Leicester and its parent companies have agreed to pay a fine up to the watchdog’s maximum penalty of £880,000. JD Sports will avoid a fine after reporting the illegal activity. In August 2018, JD Sports said it would stop selling Leicester-branded clothing online for the 2018-19 season, and in January 2019, JD Sports agreed it would not “undercut” the club in terms of online sales for the following season by applying a delivery charge to all orders, the CMA said. It said JD Sports continued the agreement to sell all Leicester clothing with the charge until at least January 2021. Michael Grenfell, executive director of enforcement at the CMA, said: “Strong and unimpeded competition between retailers is essential to consumers’ ability to shop around for the best deals. “Football fans are well-known for their loyalty towards their teams. In this case we have provisionally found that Leicester City FC and JD Sports colluded to share out markets and fix prices with the result that fans may have ended up paying more than they would otherwise have done. “Both parties have now admitted their involvement, allowing us to bring the investigation to a swift conclusion. “The fine that Leicester City FC and its parent companies have agreed to pay sends a clear message to them and other businesses that anti-competitive collusion will not be tolerated.” In response, Leicester stressed that no current club directors or senior management were involved in the arrangements. “These arrangements related to a limited number of bulk orders by JD Sports, which were accepted by the club’s retail sales team over the relevant period,” the club added. “There was no intention on the part of the club to unlawfully restrict the resale of the goods supplied and no material financial advantage to be gained from doing so, given the limited amount of kit supplied to JD Sports. “However, the club accepts the CMA’s findings and has taken steps to strengthen its training and compliance measures to ensure the club’s retail operations fully comply with competition law.” JD Sports also highlighted that current or former directors or senior management of JD were involved in the offending conduct and that it signed a leniency agreement with the CMA last month. The company added: “JD has taken a number of steps to strengthen its competition compliance programme and the board reaffirms its commitment to making the necessary resource available, internal and external, to ensure that this is embedded into its daily operations.” It comes almost a year after JD Sports, rival Elite Sports and Rangers were handed fines over price fixing on replica kits. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Paris St Germain sack Christophe Galtier Wimbledon schedule further affected as rain prevents play on Wednesday morning Keira Walsh fears injury ‘every time I go on the pitch’ due to increased load
2023-07-05 20:27
UPS and Teamsters' marathon talks end without a deal to avoid a strike
UPS and Teamsters' marathon talks end without a deal to avoid a strike
A marathon negotiating session between UPS and the Teamsters union ended early Wednesday morning with both sides accusing the other of walking away from the table. There are no signs of a contract settlement in sight.
2023-07-05 20:27
Hungary Budget Squeeze Pushes Orban to Cut Social Spending
Hungary Budget Squeeze Pushes Orban to Cut Social Spending
Hungarian Prime Minister Viktor Orban ordered his finance minister to map out cuts in social spending as mounting
2023-07-05 20:19
Automakers' contract negotiations will decide potential EV future for idled Illinois plant
Automakers' contract negotiations will decide potential EV future for idled Illinois plant
By Bianca Flowers BELVIDERE, Illinois A shuttered Illinois Jeep assembly plant will be at the center of a
2023-07-05 18:15
McKinsey Adds to Warnings of Clean-Energy Metals Shortages
McKinsey Adds to Warnings of Clean-Energy Metals Shortages
McKinsey & Co. joined the growing chorus warning that metals considered key to the clean-energy transition face shortages
2023-07-05 17:56
Teamsters says UPS has walked away from contract negotiations
Teamsters says UPS has walked away from contract negotiations
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2023-07-05 17:27
Turkish Inflation Slows Again as Lira Slump Threatens Turnaround
Turkish Inflation Slows Again as Lira Slump Threatens Turnaround
Turkey had the smallest deceleration in consumer prices since a slowdown that began last November as one of
2023-07-05 15:56
UK Watchdog to Set Up Trading Tape for Bonds Ahead of Stocks
UK Watchdog to Set Up Trading Tape for Bonds Ahead of Stocks
The Financial Conduct Authority has proposed setting up a single UK price feed for bond trades before it
2023-07-05 15:29
BYD Stock Gain Lags Behind Tesla’s 127% Jump Amid China EV Race
BYD Stock Gain Lags Behind Tesla’s 127% Jump Amid China EV Race
BYD Co. and Tesla Inc. are competing head to head in China’s electric-vehicle market, but the US EV
2023-07-05 15:17
Australian PM Says Lowe, Others Being Discussed for RBA Governor
Australian PM Says Lowe, Others Being Discussed for RBA Governor
Australian Prime Minister Anthony Albanese is considering several candidates for Reserve Bank governor, including extending the term of
2023-07-05 14:28
China Services Activity Growth Softens in Fresh Sign of Weakness
China Services Activity Growth Softens in Fresh Sign of Weakness
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2023-07-05 10:16
Xi Urges Open Supply Chains After Curbing Exports of Key Metals
Xi Urges Open Supply Chains After Curbing Exports of Key Metals
Chinese leader Xi Jinping called on nations to spurn decoupling and the cutting of supply chains, one day
2023-07-05 09:29
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