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Sports Direct clarifies talk surrounding new property boss

A report claimed Sports Direct had appointed Michael Murray as a property director
Sports Direct clarifies talk surrounding new property boss
Sports Direct said Murray headed its property team for the UK and overseas

Sports Direct (LON:SPD) has moved to clarify speculation surrounding the new head of the retailer's property team.

Weekened news reports claimed Michael Murray, the 26 year-old boyfriend of one of Sports Direct owner Mike Ashley's daughters, had been made a property director of the company.

He was also appointed as the director responsible for Ashley’s interests in Newcastle United’s stadium and its property development opportunities, according to the Telegraph.

The newspaper claimed that until last summer, Murray was organising and promoting student events through a company called Entourage Projects, which he set up with Toby Mullins, a friend from Reading University.

Finally, Ashley provided a loan to Murray for a £10.7m property in London's Belgravia, which Murray now owns, the paper cited Land Registry documents as saying.

Sports Direct said in a statement that Murray headed its property team for the UK and internationally, which mainly finds new sites for larger format stores and combined retail and gym units.

"Michael has a consultancy arrangement with the company, is not paid a salary, and contrary to recent incorrect press reports is not a director of any company within the Sports Direct group," the statement said.

"His remuneration is based solely on creating value, with the company's non-executive directors overseeing an independent review annually and deciding, in their absolute discretion, how much of any increased value (up to a maximum of 25%) shall be paid to Michael."

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