Mike Ashley is to step down from the board of Sports activities Direct proprietor Frasers Group subsequent month, 40 years after founding the retail empire.
The billionaire tycoon owns a string of retail belongings in Northern Eire, together with Sports activities Direct outlets and Frasers in Belfast’s Victoria Sq..
He'll step down as a director after the group’s annual shareholder assembly on October 19, though he stays the controlling shareholder and can proceed to behave as an adviser to the board and senior administration.
The previous Newcastle United proprietor had already handed over the reins to new chief govt Michael Murray in Might, when he stepped again into an govt director function.
Mr Murray, the founder’s son-in-law, was promoted to the place after main Frasers’ “elevation technique” because the agency has sought to develop its premium division.
However Mr Ashley has remained carefully concerned within the firm’s administration and remains to be the group’s largest shareholder with a stake of practically 70%.
He mentioned he remained “100% dedicated” to backing the group and can stump up £100m to point out his “persevering with robust help”, with the money lent on the identical business phrases as its present borrowing services.
Mr Ashley mentioned: “It's clear that the group has the correct management and technique in place.
“I really feel very assured passing the baton to Michael and his workforce.
“Though I'm stepping down from the board, I stay 100% dedicated to supporting Frasers and Michael’s plans and ambitions, and I stay up for serving to the workforce as and once they require me.”
Mr Murray added: “Mike has constructed an unimaginable enterprise over the previous 40 years and, on behalf of the board and the group, I wish to thank him for all he has performed.
“With our new technique and management workforce, we're driving this enterprise ahead at tempo and we're all excited for the longer term.”
Mr Ashley opened his first sports activities store in 1982, which later grew to become Sports activities Direct earlier than the identify was modified to Frasers Group after shopping for the Home of Frasers division retailer in 2018.