TYCOON Mike Ashley has withdrawn his controversial participation in the firm's bonus scheme, despite winning approval from shareholders.

Sports Direct shareholders voted earlier this month for a bonus plan that will give £200m worth of shares to 3,000 permanent staff, including Newcastle United owner Mr Ashley, if earnings double by 2019.

It was Sports Direct's fourth attempt to push through a big payout for its billionaire founder, who owns 58 per cent of the company and is deputy chairman.

Although shareholders voted the scheme through, it ran into trouble almost immediately when leading investors who had opposed the deal began plotting a revolt at the firm's annual general meeting in September.

In a statement ahead of full-year results on Thursday, Keith Hellawell, Sports Direct chairman, said: “Following recent unhelpful speculation surrounding his potential allocation, he is determined to ensure that there is the maximum number of shares available for the eligible employees.”

Billionaire Mr Ashley receives no salary from the group and now does not expect “any other share-based incentive scheme to be proposed to shareholders in relation to his role as an executive director of Sports Direct”, the company said.

The bonus scheme was the third version of a plan to award shares to Mr Ashley after two previous shareholder rebellions. The latest scheme drew criticism from some City institutions, which protested that they had not been consulted.