Ashley pulls out of £200m share plan

Analysts believe Mike Ashley realised he would get too much of the share scheme and not leave enough for employees
Analysts believe Mike Ashley realised he would get too much of the share scheme and not leave enough for employees
GLYN KIRK / GETTY

The billionaire founder of Britain’s biggest sportswear chain has withdrawn from a controversial bonus scheme just weeks after forcing through the award.

In a surprise reversal, Mike Ashley has pulled out of Sports Direct’s £200 million employee incentive scheme. The money will be shared out among the chain’s 24,000 employees.

Sports Direct gave no direct explanation for the decision, which followed a year-long battle and three extraordinary meetings to vote on a payout for the Newcastle United owner.

Keith Hellawell, the chairman, said: “Following recent unhelpful speculation over his potential allocation, he is determined to ensure that there is the maximum number of shares available for the eligible employees”.

The bonus scheme had been heavily criticised because Sports Direct had refused to disclose how much