Former Newcastle United owner Mike Ashley will step down from the board of Sports Direct owner Frasers Group.
Mr Ashley will step down from the board after the annual shareholder meeting on October 19. But Mr Ashley, who sold Newcastle United to the Saudi Arabian PIF group in 2021, will continue to act as an advisor and plans to inject £100m into the business.
The Frasers Group reins had already been handed over to Mr Ashley's son-in-law, Michael Murray, who was promoted to the position after leading Frasers' 'elevation strategy' to grow its premium division, including the fashion chain Flannels. Mr Ashley has remained the group’s controlling shareholder.
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Frasers founder Mike Ashley said: “Since Michael Murray took over the leadership of Frasers Group earlier this year, the business has gone from strength to strength.
“It is clear that the group has the right leadership and strategy in place and I feel very confident passing the baton to Michael and his team.
“Although I am stepping down from the board, I remain 100% 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.”
Frasers chief executive Mr Michael added: “Mike has built an incredible business over the past 40 years and, on behalf of the board and the group, I want to thank him for all he has done.
“With our new strategy and leadership team, we are driving this business forward at pace and we are all excited for the future.”
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