Frasers Group could exit FTSE 100

Frasers Group has been named among the listed businesses which could be demoted from the stock exchange blue chip listing.

According to Share magazine, Frasers Group, which owns Sports Direct and House of Fraser, has seen its shares down 7% year-to-date (3 December).

The Mike Ashley owned group is one of three companies on the Indicative FTSE 100 Deletions list, the others are B&M European Value Retail and construction firm Vistry.

In September, Burberry Group was deleted from the FTSE 100 and added to the FTSE 250.

The review of the FTSE UK Index Series was conducted using data at market close yesterday (3 December), and the changes will be announced after market close today (4 December).

Frasers Group will post its half-year earnings tomorrow (5 December).

News of the possible FTSE 100 demotion comes at a turbulent time for Frasers Group. Yesterday, it was reported that the High Court heard that Mike Ashley was "stonewalled" after requesting personal data related to a tax dispute with HM Revenue & Customs.

Ashley is bringing legal action against the tax body over allegedly “extensive” breaches of data protection obligations, The Times reported, adding that the High Court heard that information on the billionaire was withheld following a demand for £13.6m in additional taxes.

The hearing comes after Ashley's bid to become Boohoo CEO, a role that eventually went to Debenhams chief executive Dan Finley on 1 November.

Frasers Group published an open letter proposing that Ashley be made director and CEO of Boohoo Group on 24 October.