British billionaire Mike Ashley has probably had one of the most stressful years of his life.
The owner of Newcastle United is currently under fire from the British government over his Sports Direct company’s employment practices and his Premier League football club is struggling.
As a result, his personal fortune has cratered by £1.07 billion ($1.54 billion) in the last year, according to the Sunday Times Rich List 2016.
Sports Direct has been under a huge amount of pressure from the press and MPs over its employment practices. The Guardian newspaper accused the company of paying workers less than minimum wage, though since the allegations were made, Sports Direct has committed to paying at least minimum wage to all staff, costing the company £10 million ($14.5 million).
Ashley is also refusing to appear before a Parliamentary committee to answer questions on Sports Direct’s treatment of warehouse staff. He could be charged with being in contempt of Parliament, something that reportedly hasn’t happened in over 50 years.
Sports Direct shares have crashed by nearly 40% over the last year to having a market cap of £2.42 billion.
Ashley slid down The Sunday Times Rich List to 45, from 22 in 2015. His fortune currently stands at £2.43 billion ($3.5 billion).
2016 may prove another terrible year for Sports Direct and owner Ashley. Last month the company was relegated to the lesser FTSE 250 index, from the FTSE100 and it put out its second profit warning so far this year.
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