Newsletter

Get your daily update and weekly newsletter by signing up today!

News

Mike Ashley Bonus £65m In Return For His ‘Substantial Contribution’

8 years ago
Share

It has just been announced that a Mike Ashley bonus £65m is imminent, for the ‘substantial contribution’ he has made to the success of Sports Direct.

While the value of his shareholding in SD has gone up many times over in the time he’s owned Newcastle United, this share bonus would be on top of the massive increase in wealth he has experienced via that shareholding over the last seven years that he has also owned NUFC.

The minority shareholders at SD are being asked to vote on the proposal but it seems very likely the deal will be approved as SD’s largest institutional shareholder, Odey Asset Management, has already said it will support Ashley receiving over 8 million shares which at current prices equate to £65m.

The bonus shares would be dependent on future financial targets been met.

SD Chairman Keith Hellawell said;

“The board believes that Mike is one of the outstanding retailers of his generation and that all shareholders benefit from his on-going commitment to Sports Direct.”

The SD Chairman didn’t carry on to say just how big a part of that benefit for SD Shareholders comes from all of the free advertising and profile given by Ashley via Newcastle United.

Share

If you would like to feature on The Mag, submit your article to [email protected]

Have your say

© 2022 The Mag. All Rights Reserved. Design & Build by Mediaworks