Ashley’s bonanza: Sports Direct boss in line for £23m

Newcastle United owner Mike Ashley is being lined up for a whopping £23 million shares bonus from his Sports Direct empire after the retailer continued to grow sales during February and March.

The firm said yesterday that sales for the nine weeks to 25 March 2012 were up 13.2 per cent on the same period in 2011, at £267.6m.

Chief executive Dave Forsey said the firm’s employee bonus share scheme was key to the company’s performance.

Sports Direct is due to give 2,000 staff shares worth about £50,000 each after hitting sales targets in 2010 and 2011. It has launched a second scheme based on targets over the next four years.

Yesterday it set a new “stretched” target for Ashley, who as executive deputy chairman receives no pay from the retailer but will pick up eight million shares if the company’s earnings rise by 70 per cent to £340m in 2015.