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.
