From Leader to Shareholder | Mike Ashley Steps Down, But Stays as a 70% Shareholder and Lends the Business £100m

Retail tycoon Mike Ashley is stepping down from the Board of Directors at Frasers Group - the company which owns a portfolio of retail brands including Sports Direct, Evans Cycles, Game and Jack Wills.

A useful explainer here from the excellent BBC Business team.

Ashley previously handed the reins as CEO to his son-in-law Michael Murray at the start of 2022.

Now he is stepping down from his position as a Board director. And at the same time, he is injecting £100m of finance into the business by way of loan. It is reported that the loan is being made on the same commercial terms as its existing borrowing facilities.

Ashley remains as a 70% shareholder. So as both the majority shareholder and a significant lender, some might argue he is still effectively in charge!