Mike Ashley – the retail tycoon thought to be worth around £2.4 billion – is stepping down from the board of Frasers Group.
Mr Ashely was the man who founded the Sports Direct business 40 years ago, changing the group name to Frasers Group after buying the House of Frasers department store chain four years ago.
Over the years he acquired a string of other retail brands including Game, Evans Cycles, Jack Wills and Flannels. He also owned Newcastle United until its sale last year and was a big investor in the department store chain Debenhams, before its collapse during the pandemic.
