Sports retailer’s AGM was held today
Mike Ashley, the billionaire Sports Direct owner, faced shareholder anger today at the beleaguered retailer’s annual general meeting today.
The shareholders turned down an offer by its chairman Keith Hellawell to resign.
“He will stay in his role in order to assist with making further improvements,” Sports Direct said
Suggestions that Ashley plans to take the sports retailer private were rubbished.
Sports Direct warned that underlying earnings before interest, taxes, depreciation and amortisation would be about £300m for the 2017 financial year, 21 per cent below 2016’s £381m.
Also, Mike Ashley’s daughter’s boyfriend Michael Murray will continue to run Sports Direct’s property arm despite backlash.
“As previously disclosed, our property team will continue to be led by Michael Murray and his remuneration will be decided at the board’s discretion,” it said in a presentation released ahead of the meeting.