Profits at Mike Ashley’s investment company plunge by two thirds

Profits at Mike Ashley’s personal investment company stumbled by almost two thirds in 2017 as Sports Direct was battered by the slump in sterling and Newcastle United spent a year outside the Premier League.

Accounts for Mash Holdings, which controls Ashley’s majority stake in Sports Direct, posted pre-tax profits of £103m in the year to April 2017, down from £278m the year before.

The tycoon was not paid any wages or dividends by the company but received £109m as it bought back some of its own shares.

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