Sports Direct’s shareholders have not supported the proposed “super stretch” scheme which would have paid out a bumper bonus to Mike Ashley.

Although 60% of shareholders voted in favour of the bonus scheme, it did not pass the 75% required for a special resolution so was therefore withdrawn.

Ashley was in line to receive a bonus worth £25m at today’s share price if the retailer hit a challenging series of earnings targets over the next three years.

He would have received 8m shares if the retailer achieved EBITDA targets rising from £270m in 2013 up to £340m in 2015.

Sports Direct non-executive director and chairman of the remuneration committee Dave Singleton said: “As a board, we are very disappointed that this resolution was not passed, however we respect shareholders’ views.”

“We will, however, continue to look at innovative incentive programmes for all of our people to help drive growth and in turn, increase shareholder value. As such, a new super stretch share scheme with further performance criteria will be proposed to shareholders at a future meeting.”