Shareholders in Sports Direct have rejected a bonus package for the chain’s founder Mike Ashley that would have netted him £72 million in shares.

The company called off a meeting scheduled for Friday in which shareholders were due to vote on a proposed bonus for Mr Ashley. However, the meeting was cancelled after it became clear that the move did not have enough support from shareholders.

Mr Ashley currently receives no salary or bonus but owns 62% of the company.

Reacting to the rejection, the chairman of the company's remuneration committee, Dave Singleton, said: "During our ongoing discussions with institutional shareholders, it became apparent that, while we had the support of some of our largest shareholders, we had not been able to secure the requisite level of shareholder approval.

"While the board is disappointed that this resolution will not now be passed, we respect shareholders' views. We remain convinced of the benefit of aligning Mike Ashley's interests with those of all other shareholders."