Mike Ashley loosens control as he steps down from Sports Direct-owner Frasers

He says the move will see him remain '100% committed' to the business once he leaves shareholders board

The Sports Direct parent company also owns the Heatons chain in Ireland. Picture: Joe Giddens/PA

Mike Ashley is stepping down from the board of Frasers Group four decades after he founded his retail business, and just months after son-in-law Michael Murray became chief executive of the Sports Direct owner.

The 58-year-old still holds an almost 70% stake in Frasers, and said he remains “100% committed” to the business even though he won’t seek re-election at next month’s shareholder meeting. He said his support as a shareholder is stronger than ever.