His future son-in-law will take over
Mike Ashley is preparing to step down from his role as CEO of Sports Direct, paving the way for his future son-in-law, Michael Murray, to take over his retail empire in May next year.
Ashley, who founded Sports Direct in 1982 and also owns Newcastle United Football Club, will remain on the board of Frasers Group - which also owns House of Fraser - as an executive direction but cede his leading role to Murray.
In a statement to the stock market, Frasers Group said: "The board of Frasers is now in discussions with regards to transitioning the CEO role from Mike Ashley to Michael Murray over the course of FY22.
"It is currently proposed that Michael Murray will assume the role of CEO on 1 May 2022."
Frasers Group, of which Ashley owns 64 per cent, is currently valued at £3 billion and operates approximately 1,000 shops.
Ashley is infamous in the football world for the way he has run Newcastle United since he took over in the late noughties, with fans staging protests against his ownership more and more frequently.
JOE's Oli Dugmore spoke to disgruntled fans recently to discuss their grievances with his supposed neglect of the Premier League club.
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