The Telegraph has revealed that Mike Ashley, the Sports Direct billionaire, is preparing to step down as Chief Executive of Frasers Group. Ashley is expected to assume the role of Deputy Chairman, whilst his prospective son-in-law, Michael Murray, will take his place as Chief Executive. 

Mike Ashley founded the business as a single store in Maidenhead in 1982 and has grown it into a £3bn firm with almost 1,000 stores. It has amassed a stable of brands through acquisitions, often buying them out of administration, and it owns Evans Cycles, Game, Jack Wills, Flannels and House of Fraser, among others.

The Telegraph has reported that "As part of the handover, Murray, aged 31, is expected to be awarded a potentially lucrative bonus plan. He has earned more than £10m from Sports Direct in recent years via his consultancy vehicle MM Prop Consultancy, making him better paid than most FTSE 100 chief executives."