Mike Ashley to leave board of Sports Direct group

Mike Ashley is to step down from the board of Frasers Group, owner of the Sports Direct chain that the retail billionaire founded four decades ago.

Mr Ashley had already handed over the running of the group to his son-in-law Michael Murray earlier this year.

Frasers said Mr Ashley would not be standing for re-election as a director, and would leave the board next month.

The company also announced that Mr Ashley will provide the company with £100m worth of funding.

In a statement, the firm said Mr Ashley will continue to be available to the board and management for advice "when called upon".