Mike Ashley to leave board of Sports Direct group

Mike Ashley is to step down from the board of Frasers Group, owner of the Sports Direct chain that the retail billionaire founded four decades ago. Frasers said Mr Ashley would not be standing for re-election as a director, and would leave the board next month. Mr Murray, Frasers' chief executive, said Mr Ashley had "Built an incredible business over the past 40 years". Mr Ashley started Sports Direct in 1982, and then built the business by buying up well-known names such as Dunlop, Slazenger and hat-maker Kangol. In 2018, Mr Ashley bought the House of Fraser department store chain for £90m and the following year he changed his company's name from Sports Direct International to Frasers Group.

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