Sports Direct has announced that Dave Forsey has resigned as both CEO and as a director of the company, as founder Mike Ashley takes the helm.

The company said that Mr Ashley will “continue to be supported by the existing executive management team, and Dave Forsey has agreed to facilitate a smooth handover of his responsibilities”.

The news is accompanied by the announcement that Karen Byers has been promoted to the role of global head of operations, and Sean Nevitt has been promoted to the role of global head of commercial, both with immediate effect.

Dave Forsey said: "I have given my entire working life to the company and in return the company has given me amazing opportunities and experiences.  I wish everyone at Sports Direct well in the future.".

Keith Hellawell, chairman of the company, said: "I would like to thank Dave for his significant contribution over the last 32 years and during a period of significant growth and change at the company. On behalf of all the people at Sports Direct I wish him well in his future endeavours."

Mike Ashley, said: "I feel like I have lost my right arm, but I do hope to have the opportunity to work with Dave again in the future."