Mike Ashley to step down from leading Sports Direct Group

It is believed Mr Ashley will hand the reins to his future son-in-law.
Mike-Ashley-Sports-Direct

Sports Direct founder Mike Ashley has announced he is to step down from leading his retail empire, which has its head office in the East Midlands.

It is believed Mr Ashley will hand the reins to his future son-in-law.

The board of Frasers Group, which also owns House of Fraser, revealed that said talks were taking place with 31-year-old Michael Murray, who is tipped to succeed the billionaire on 1 May 2022.

Murray is engaged to be married to Mr Ashley’s daughter Anna, and is currently “head of elevation” at Frasers.

If the move goes ahead, Mr Ashley will step down from as chief executive but remain on the board as an executive director.

Mr Ashley founded Sports Direct in 1982 and retains 64% of the group.

In stock market statement, Frasers Group said it was “currently proposed” that Mr Murray would assume the role of chief executive, with a “reward and remuneration package” now being considered.

“The board consider it appropriate that Michael leads us forward on this increasingly successful elevation journey,”

The group is now worth around £3bn and operates almost 1,000 shops.

Sports Direct has its head office in Shirebrook in Nottinghamshire.

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