Billionaire Mike Ashley, the founder of Sports Direct, is to step down as director of his expansive retail group, Frasers.
Mr Ashley, known as one of the most intriguing characters in British business, handed over the role of chief executive to his son in-law Michael Murray just months ago, after he impressed with the expansion of upmarket chain Flannels.
Mr Ashley, who founded Sports Direct in 1982, is by no means out of the picture though. He is still the group's controlling shareholder with a stake of nearly 70% and has agreed to lend the business £100m.