Sports Direct to Vote Again on Mike Ashley's Colossal Bonus

Sports Direct has organised a shareholder meeting in another attempt to award owner Mike Ashley the gargantuan bonus which eluded him earlier this year.

The sports gear trader had plans in place to award the Newcastle United owner with a cash windfall of up to £73m (€90m, $122.7m) in April. However, this was vetoed after shareholders failed to support the scheme.

Now Sports Direct has announced that it will hold a general meeting on 2 July as it seeks approval from shareholders for the implementation of its 2015 Bonus Share Scheme.

"The board and the remuneration committee have responded to the feedback received from shareholders to develop a long-term share incentive scheme which not only will continue to motivate the company's employees but which also recognises and rewards the substantial contribution made by Mike Ashley over many years," said Keith Hellawell, chairman of Sports Direct.

Following the rejection of his bonus in April, Ashley sold 7% of his shares which were worth over £220m.

Ashley, 49, who is vice-chairman of the company, sold the 25 million shares to banking group Goldman Sachs.