Ashley’s Frasers Group, which owns 27% of online retailer, seeks vote on overhaul to ‘set new course’ for future

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The Sports Direct owner, Frasers Group, is attempting to install its founder, the retail tycoon Mike Ashley, as chief executive of Boohoo, as he accused the board of having “lost its ability to manage” the online fashion company.

Frasers, which owns 27% of Boohoo, has written to the board calling for an emergency meeting of shareholders to take a vote on appointing Ashley as chief, less than a week after the company announced that its boss, John Lyttle, would be stepping down.