Jun 15, 2017

Sports Direct tears up deal with Mike Ashley’s brother

Sports Direct has backed away from a deal that handed a slice of the revenue from its international websites to the brother of its billionaire founder Mike Ashley, months after the UK accountancy watchdog began investigating the arrangement. Sports Direct has since abandoned the arrangement, a review of its website shows. Sports Direct did not respond to requests for comment on Wednesday. A Financial Reporting Council probe into Sports Direct's 2016 accounts, launched in response to the Financial Times's reporting, is still under way. Keith Hellawell, Sports Direct chairman, last year insisted that the company was not "Technically required" to disclose the deal, a stance that the company says received backing from Grant Thornton.

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