The billionaire will step down from Frasers Group's board and provide the Derbyshire-based firm with £100m of funding
Mike Ashley is to step down from the board of Frasers Group, owner of the Sports Direct chain that the retail billionaire founded 40 years ago.
Mr Murray, Frasers' chief executive, said Mr Ashley had "built an incredible business over the past 40 years". In 2007, Mr Ashley floated the business as a public company on the London Stock Exchange in a move which valued it at £2.5bn. The move does, however, mark a significant change of the guard and one which may bring major change to the business, of which Mr Ashley built the foundations for 40 years ago.In 2018, Mr Ashley bought the House of Fraser department store chain for £90m and the following year he changed his company's name from Sports Direct International to Frasers Group.
Mr Ashley stepped away from running Frasers Group when he handed over the role of chief executive to Mr Murray in May this year.Michael Murray, Mike Ashley's son-in-law, took over as chief executive of Frasers Group