Billionaire Mike Ashley to step down
Mike Ashley is to step down from the board of Frasers Group, owner of the Sports Direct chain that the retail billionaire founded 40 years ago.
Mr Ashley had already handed over the running of the group to his son-in-law Michael Murray earlier this year.
Frasers said Mr Ashley would not be standing for re-election as a director, and would leave the board next month.
The company also announced that Mr Ashley will provide the company with £100m worth of funding. The retail tycoon is worth around £2.4 billion.
In a statement, the firm also said Mr Ashley would continue to be available to the board and management for advice “when called upon”.
“Although I am stepping down from the board, I remain 100 per cent committed to supporting Frasers and Michael’s plans and ambitions, and I look forward to helping the team as and when they require me. My commitment and support as a Frasers’ shareholder is as strong as ever.”
Mr Murray, Frasers’ chief executive, said Mr Ashley had “built an incredible business over the past 40 years”.
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