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The National (Scotland)
The National (Scotland)
National
Hamish Morrison

Mike Ashley to quit Frasers Group with £100m loan as parting gift

Mike Ashley Frasers Frasers Group Michael Murray Sports Direct
Mike Ashley will lend Frasers Group £100m as he leaves the company board

BILLIONAIRE retail magnate Mike Ashley is to step down as a director of Sports Direct owner Frasers Group next month, but has agreed to lend £100 million to the business.

Frasers said Ashley – who founded the Sports Direct business 40 years ago – will leave the board after the group’s annual shareholder meeting on October 19, although he will continue to act as an adviser to the board and senior management.

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