Mike Ashley is to step down from the board of Frasers Group, proprietor of the Sports activities Direct chain that the retail billionaire based 40 years in the past.
Mr Ashley had already handed over the working of the group to his son-in-law Michael Murray earlier this 12 months.
Frasers stated Mr Ashley wouldn’t be standing for re-election as a director, and would go away the board subsequent month.
The corporate additionally introduced that Mr Ashley will present the corporate with £100m value of funding.
In an announcement, the agency additionally stated Mr Ashley would proceed to be