Mike Ashley, the controversial owner of Sports Direct and Newcastle United, yesterday gave the clearest indication yet that he was losing patience with the City, as his retail group risked another dispute with investors by pushing back its deadline for appointing a chairman.

Mr Ashley, who called his critics “crybabies” two months ago, said that he was finding life in charge of a public company “very challenging — especially the procedures”.

The comments, made as he left Sports Direct’s first, and at times farcical, annual meeting in Shirebrook, Nottinghamshire, will fuel yet more speculation that the billionaire could take the business back off the stock market if its fraught relationship with shareholders worsens.

Shares in the group have more than halved since it floated in March at 300p. It has come under mounting pressure for failing to meet corporate governance guidelines and for not disclosing financial information provided by almost every other listed company.

Another rollercoaster day in Sports Direct’s short life on the stock market did little to mend bridges yesterday. Analysts were furious over an interim statement that, while showing that trading had improved in recent weeks, failed to provide any sales data comparable with a year ago.

The group, which runs Sports World and Lilywhites, as well as sports brands such as Dunlop, also caught the City by surprise with unexpected share purchases in Umbro, the official kit maker of the England football team, and adidas.

Umbro revealed that Sports Direct has bought a 4.97 per cent stake worth more than £7 million after the kit maker’s profit warning last Thursday.

Umbro is one of Sports Direct’s biggest suppliers, alongside adidas, in which Sports Direct took a minority stake worth £180 million.

The group failed to provide an update on its search for a new chairman. Simon Bentley, the interim chairman, revealed that, although the group had a shortlist of three, no one would be appointed by the original October deadline.

“We are working incredibly hard on that,” he said. “We are making progress but we want to make sure we get the right person. I know we said October. I hope that by the end of the year, Christmas, this will be resolved.”

Mr Bentley ran yesterday’s meeting, which attracted only 20 people, in a training room on the floor above Sports Direct’s factory outlet in Shirebrook.

Nearly half of those present were journalists, along with a few elderly shareholders and a representative from Hermes.

Refreshments consisted of four plates of biscuits and four jugs of juice. Mr Ashley, dressed casually, looked as though he would have preferred to have been anywhere else during the half-hour.

Dave Forsey, the chief executive, repeated his comments from the morning trading statement.

He said that, while trading had improved, conditions on the high street were “difficult”.

Sales in the three months to July 29 totalled £339 million, with a gross profit of £149 million.

Phil Dorgan, an analyst for Panmure Gordon, said that the lack of information could be masking a decline in sales of up to 20 per cent over the summer.

He added that the update “looked almost deliberately designed to antagonise its audience”.

Analysts will meet the board on September 20. The company’s pre-tax profits this year are expected to show marginal growth on the £191 million in the year to April.

Stanley Eckersley, one of the few private shareholders at the meeting, said: “It’s probably too early to make a judgment about Mike, but we are going to be in for an interesting time.”

The shares closed up 1¼p at 137¼.

Pressure mounts

February 27 Sports Direct floats at 300p a share. Shares close at 281p. Mike Ashley makes £930m

April 10 Issues first profit warning

June 1 David Richardson resigns as chairman of the company after three months

June 29 Sports Direct agrees to buy Everlast for $182.3 million

July 12 Sports Direct buys 60 per cent stake in Field & Trek for £5m

July 24 Issues second profit warning as profits fall 37 per cent. Shares drop 25.2 per cent

July 26 Spends £50 million on a 1 per cent stake in adidas, the German sportswear giant

August 3 Two City analysts issue notes questioning the viability of its business model

Times Recommends

• Tories’ green bank to revolutionise power policy
• UK car industry receives £2.6bn injection
• Pru chief turns down seat on board of bank