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SBD Global/December 14, 2012/Finance

Sports Direct Will Attempt To Reintroduce $64M Bonus Plan To Founder Mike Ashley

British sporting retailer Sports Direct said that it would "attempt to reintroduce" a bonus plan to award a one-off windfall worth more than £40M ($64M) to Founder Mike Ashley after company shareholders "rejected a similar measure in September," according to Mark Wembridge of the FINANCIAL TIMES. The revised plan has the potential to award Ashley 10 million shares -- worth £40M at Thursday's share value -- which would vest in '18 if performance targets are met. Sports Direct CEO Dave Forsey said that the group would "put a new bonus proposal, altered to address shareholder caveats, to investors in January." The news came as Sports Direct said that first-half revenues had been "buoyed by the U.K.'s summer of sport" that included the London Olympic and Paralympic Games and Euro 2012. Sports Direct reported a 22.5% year-on-year increase in revenues to £1.1B ($1.8B) in the six months through Oct. 28 (FINANCIAL TIMES, 12/13).
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