James Ashton: Sports Direct - why not try a dividend on for size?

The genteel dining rooms of Mayfair have very little in common with pie-munching in the stands at St James’ Park.

Despite that, it hasn’t stopped fund manager Crispin Odey, frequenter of the former, from acting as a cheerleader for Mike Ashley, purveyor of the latter as owner of Newcastle United.

Odey believes that Ashley should be part of a share bonus scheme at Sports Direct, even though he already owns 62% of the business.

He likens the incentive to that of a fund manager who part-owns his fund but is entitled to get paid as well.

Maybe. It’s true that if profits boom by as much as this scheme is aiming for, everyone from the sales floor up will be happy.

But entrepreneurs who take huge risks are used to paying themselves peanuts until their big idea has got traction. Then there is a moment at which they reap the rewards, much like the £1 billion that Ashley trousered when Sports Direct floated seven years ago.

Beyond that, the dividend usually suffices. If only Sports Direct paid one, then Ashley might understand the point.