JD in Rangers shirts price fixing scandal

JD Sports’ woes deepened as the competition watchdog alleged it colluded to fix the price of replica Rangers FC shirts.

The retailer set aside £2m for a potential fine from the Competition and Markets Authority over the price fixing between September 2018 and July 2019.

The CMA found JD hiked the price of replica Rangers FC shirts by almost 10pc, from £55 to £60. It brought the price in line with what Rangers kit maker Elite was charging.

JD and Elite confessed to ‘cartel activity’ and cooperated with the probe. Yesterday shares fell 3.9pc, or 4.8p, to 118.45p. The finding comes just weeks after boss Peter Cowgill was ousted from the business after 18 years in charge.

Separately, in February JD was slapped with a fine of £4.3m by the CMA for breaching merger rules. AJ Bell financial analyst Danni Hewson said: ‘The bad press couldn’t come at a worse time for JD Sports.

‘Still bruised from the failed takeover of Footasylum, and the departure of its long-time boss Peter Cowgill, shares have plunged almost 44pc since the start of the year.’