Mike Ashley to step down as director of Frasers Group

Mike Ashley will officially step down from the board of Frasers Group which owns Sports Direct, House of Frasers and Flannels, along with numerous other brands on 19th October when the group’s AGM comes to a close.

It is understood that Ashley will make £100m available to the group on terms which match that of its current unsecured borrowing facilities. This is to enable the continued growth of the group, including its acquisition drive.

Ashley commented: “Since Michael Murray took over the leadership of Frasers Group earlier this year, the business has gone from strength to strength. It is clear that the group has the right leadership and strategy in place and I feel very confident passing the baton to Michael and his team.”