Sports Direct investors veto £11m payout to Ashley's brother

Sports Direct investors veto £11m payout to Ashley's brother

Meanwhile, independent shareholders in Sports Direct yesterday voted against making a retrospective payment of £11m to the brother of Mike Ashley for his work as an IT expert.

The investigation found that John Ashley had not been paid the extra money he was owed while working for Sports Direct because of concerns over public relations.

But independent shareholders rejected a move to pay him the money.

Mr Ashley left Sports Direct in 2015 but the company claimed that an independent report had proved that he had not been fairly remunerated for his role in the stock market float and success of the brand since 2007.

At a meeting, held at Sports Direct's headquarters in Shirebrook, central England, 71 percent of independent shareholders voted against the resolution.

The board of the company - including billionaire tycoon Mike Ashley, who owns the majority of the business - abstained from the vote. "We now intend to move on", Sports Direct said.

Investors such as Royal London Asset Management had said they would vote against the plan.

Mike Ashley, who retains a controlling stake in the retailer, and the rest of the board abstained from voting.

Mike Ashley's Sports Direct reported a 7 percent rise in first-half adjusted earnings on Thursday, and said its new flagship stores, created to move the discount brand up-market, were trading well.

"In fact, John was actually disadvantaged by approximately £11 million after he forewent bonuses that he would have received if he were treated equally to other executives who helped to build the company".

Separately on Wednesday Sky News reported that Mike Ashley was close to selling English Premier League soccer club Newcastle United to Amanda Staveley's PCP Capital Partners.

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