Billionaire Mike Ashley's profits plunged as he reeled from the relegation of Newcastle United and a scandal at Sports Direct.
The tycoon's business Mash Holdings, which controls his ownership of the football club and has a 60.86 per cent stake in the retailer, saw profits drop 47 per cent to £277.8million in the year to April 26.
In a report released yesterday, the business warned that Newcastle United had suffered from a season which was 'hugely disappointing for all connected with the club'.
The company results include parts of the 2015-16 season in which Newcastle finished 18th and crashed out of the Premier League. They were promoted again last season.
Sales at the club dropped from £132.3million to £131.1million as the average crowd size at home matches dwindled below 50,000.