Mike Ashley steps down from board of Sports Direct group 

Mike Ashley has announced he will step down from the board of Frasers Group – owner of the Sports Direct chain, the retail billionaire founded decades ago. 

He had already handed over the running of the group to his son-in-law Michael Murray earlier in the year. 

Frasers confirmed Billionaire Ashley would not be standing for re-election as a director and would leave the board next month. 

The company added that Mr Ashely will provide the company with £100m worth of funding and he will continue to be available to the board and management for advice. 

Ashley started Sports Direct in 1982 and then built the business by buying well known brands such as Dunlop and Slazenger.

Sports Direct is now the UK’s largest sportswear retailer with more than 400 stores. 

The company also bought chains such as Agent Provocateur and Flannels, in 2018 he bought House of Fraser store chain for £90m and the following yeat he changed the company’s name from Sports Direct International to Frasers Group.