Sports Direct shareholders have voted in favour of a controversial deal which will see founder, and majority shareholder, Mike Ashley receive £86.8m from the company for 32 properties which he owns.

Last week shareholder advisory group PIRC said the deal was over-valued and advised shareholders to vote against it in yesterday’s general meeting.

Property adviser CBRE has valued the stores at £54m on a vacant possession basis today and Sports Direct’s independent director has priced them at £75m to £80m.

However, 59.6% of the sports giant’s shareholders, excluding Ashley who holds a 70% stake in the retailer, voted in favour of the deal