Sports Direct Founder Pockets £929m Fortune March 1

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Mike Ashley, the entrepreneur behind the successful high-street sports stores Sports World and Lillywhites, has cashed in on his 43 per cent holding in his company, Sports Direct, pocketing £929 million.

The 300.9 million shares were sold at 300 pence each, making this the first major flotation of a UK retailer since Debenhams in May last year.

Mr Ashley began his business empire as a teenager in Scotland with the opening of the first discount retailer Sports Direct in 1982.

With company now operating stores across the UK, as well as in Belgium, Ireland, the Netherlands and Slovenia, the Sunday Times recently ranked him as the 54th richest man in the country.

After leaving school at 16, Mr Ashley pursued a career in high-street retail and his company had expanded to 50 stores by 1996, acquiring the tennis brand Donnay and the UK rights to Lonsdale clothing and Slazenger cricket and tennis equipment along the way.

Sports Direct recently overtook its rival JJB as the leading retailer of sports clothing and equipment in the UK and Mr Ashley has confirmed that he will continue in his position as chief executive.

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