Sports Direct's Ashley withdraws from 2015 bonus share scheme

LONDON, July 16 Wed Jul 16, 2014 2:20am EDT

LONDON, July 16 (Reuters) - Sports Direct's founder and executive deputy chairman Mike Ashley has withdrawn from participation in the sportswear retailer's 2015 bonus share scheme just two weeks after it was backed by the firm's independent shareholders.

The group said on Wednesday that after talks with the board's remuneration committee, Ashley had informed the board he did not wish to be awarded any shares under the new scheme.

The 2015 bonus plan could pay out 200 million pounds ($343 million) to an undisclosed number of employees if earnings more than double over the next five years.

Sports Direct said Ashley had also informed the board that while the 2015 bonus share scheme is in place he does not expect any other share based incentive scheme to be proposed to shareholders in relation to his role as an executive director of the firm. ($1 = 0.5835 British Pounds) (Reporting by James Davey; editing by Kate Holton)