MIKE Ashley will quit fashion empire Frasers Group next month and step down as a director.
Mr Ashley, 56, founded Sports Direct in 1982 and owns a majority share of the company, but will no longer be an executive director from October 19.
Frasers Group is the parent company of Sports Direct, House of Fraser, Flannels, and other retail brands.
He will, however, continue to be a shareholder and will act as an advisor to the business.
He has also agreed to inject £100million into the retail empire.
Mr Fraser's son-in-law, Michael Murray, has already taken over the reigns after stepping into the chief executive hot seat in May this year.
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Mr Fraser said in a statement today: "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.
"Although I am stepping down from the Board, I remain 100% committed to supporting Frasers and Michael's plans and ambitions, and I look forward to helping the team as and when they require me.
"My commitment and support as a Frasers' shareholder is as strong as ever."
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Mr Ashley founded Sports Direct in Maidenhead, Berkshire, in 1982 and has now grown his retail empire to be worth around £3 billion and cover almost 1,000 stores.
He snapped up House of Fraser for £90million in 2018 and had been in talks to buy failed department store Debenhams to add to his retail empire, but did not go ahead with a deal.
Mr Ashley is the 59th richest person in Britain, and has an estimated fortune of £2.995billion, according to The Sunday Times Rich List.
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He used to be the owner of Newcastle United football club since 2007, paying around £134million.
But on October 6, 2021, it was confirmed that Newcastle United had been sold to a Saudi-led consortium in a £300million deal.
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