The businessman admitted he had bitten off more than he could chew with the firm's slew of recent purchases.
Investors 'know what Mike Ashley is doing'
BBC Radio 5 Live
Wake Up To Money
It was Sports Direct's annual meeting on Wednesday where Mike Ashley faced criticism of his strategy. He owns 62% of Sports Direct shares, but at the meeting nearly a quarter of Sports Direct independent shareholders registered unhappiness with his strategy.
Laura Foll of Janus Henderson Investors told Radio 5 Live's Wake Up To Money that she was surprised there was not a bigger revolt.
But she said: "People that buy Sports Direct know full well what Mike
Mike Ashley defends his strategy of buying up ailing brands to "elevate" Sports Direct's image
Sports Direct 'totally focused'
Sports Direct has issued a bullish statement after its AGM, at which a significant number of shareholders voted against Mike Ashley's re-election as director.
A spokesperson for the firm said: "We remain
totally focused on delivering our elevated proposition which, following the AGM, continues to be supported by the investor community.
"We are already seeing some exciting milestones with the
acquisition of Jack Wills, the opening of the new Flannels flagship store in London
and plans for Frasers now in motion.
"We are building a young and dynamic executive team to
assist in this transition but making sure we retain the core values in the
existing business that have allowed the business to prosper over the years.
"Mike Ashley was re-elected at the AGM with over 90% of
the vote and the audited accounts for the year ended 28 April
2019 were also approved by over 99% of shareholders."