Sports Direct staff to receive £155 million in bonuses

Sports-Direct-UK-2015

Some 2,000 managers and permanent staff at Sports Direct are to receive £155 million in bonuses, worth approximately £77,000 each in a staggered payout, after beating set targets.

Bonuses for the 2,000 staff relate to a performance share scheme introduced by Sports Direct in 2011.

The payout was triggered when the group beat targets for increasing its top-line operating profit every year for four years.

Participating employees are eligible for the awards on a pro-rata basis depending on the amount of time they have been with the organisation. 

The shares are due to vest in 2015 and 2017, subject to the satisfactory performance of individual employees. 

The first part of the reward, worth an average of £18,000 per employee, will be released in September, with the balance paid out in 2017.

The majority of the retailer’s 27,000 workers, 15,000 of which are on zero-hours contracts, are not eligible for bonuses under the scheme.

Dave Forsey, chief executive of Sports Direct, said: “The success of the group has largely been created by our 27,000-strong workforce, whose dedication and commitment has been sustained over many years.

“Their enthusiasm and one-team attitude has assisted the group to succeed where many other retailers have failed. The board is extremely grateful.”