Frasers Group founder Mike Ashley is set to hand over the reins of the firm to his future son-in-law, it has been reported.
The retail entrepreneur is apparently poised to step down as CEO tomorrow, following reports last week that he is due to tale a back seat role at the retail business.
The Newcastle United owner, 56, is expected to reveal plans to step back from his role as chief executive of Frasers Group and become deputy chairman tomorrow, when the firm is due to announce its latest set of annual results, according to the Telegraph.
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The report in the Telegraph said he will be replaced in the top job by 31-year-old Michael Murray, who is engaged to Mr Ashley’s daughter Anna.
Mr Murray is currently “head of elevation” at the retail group, which also owns House of Fraser and Flannels, and has been tasked with modernising the business and creating a more upmarket image.
A potentially lucrative bonus scheme also awaits Mr Murray as part of the Frasers Group handover deal.
However, the report also said sources told the newspaper that the famously mercurial retail boss could still change his plans.
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Mr Ashley has been one of the high street’s most colourful characters since founding Sports Direct in 1982, from a single shop in Maidenhead, Berkshire.
He has rapidly grown his retail operation in recent years, snapping up a number of distressed British brands including Evans Cycles, Jack Wills and Game.
The group is now worth around £3bn and operates almost 1,000 shops.
Mr Ashley was previously executive deputy chairman of the retail group - which changed its name from Sports Direct International to Frasers Group last year - until 2016, when long-serving chief executive Dave Forsey resigned.
Frasers Group will reveal its latest full-year trading figures tomorrow, and is expected to highlight a recovery in sales following the reopening of high street stores in April.