Business

Sports Direct shareholders to vote on £11m for Ashley's brother

Sports Direct has called a general meeting to decide whether chief executive Mike Ashley's brother John should be paid £11 million by the company

SPORTS Direct has called a general meeting to decide whether chief executive Mike Ashley's brother should be paid £11 million by the company.

A joint report by the firm's legal advisers RPC and independent accountants Smith & Williamson found John Ashley had been paid less than "other senior executives who helped build the company".

It said he was denied additional payments because of concerns over public relations.

Shareholders will vote on whether to make the payment at the company's Shirebrook headquarters at 11am on December 13.

Mike Ashley will abstain from voting, but a statement by the firm said they were "supportive of the resolution".

In the stock market announcement, Mike Ashley said: "I intend to voluntarily abstain from the vote on whether or not John should receive the money that he would otherwise have earned at Sports Direct if he were not my brother.

"I fully expect that independent shareholders will vote against this proposal due to the passage of time involved, although in my opinion, technically the money is owed and therefore should be paid.

"It's important for me to say that if John had owed one pound to Sports Direct, I would have ensured any sum was repaid in full. I hope shareholders will therefore be reassured that everything is in order and that any concerns are laid to rest."

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