SPORTS Direct shares lost their shine yesterday after two senior bosses opted to cash in on £13m worth of shares.
Chief executive Dave Forsey and finance director Bob Mellors both exercised 2010 bonus scheme options to acquire 1m shares each before immediately selling 950,000 each at 680p a share.
The two directors, who earn a basic salary of £150,000 per year, each made £6.5m, leaving them with just 50,000 ordinary shares in the company owned by Newcastle United owner Mike Ashley.
Sports Direct declined to comment yesterday.
A person familiar with the firm noted that the directors’ salaries were relatively low compared to those of other FTSE 100 bosses. The firm was promoted from the FTSE 250 last month.
The retailer runs a generous staff bonus scheme and in August handed shares worth around £130m to some 2,000 of its 24,000 employees after meeting its financial targets.
However, the group came under fire this summer after it emerged that 20,000 part-time staff were on zero-hours contracts.