Sports Direct to reintroduce bonus scheme Sports Direct International said it would attempt to reintroduce a bonus scheme to award a one-off windfall worth more than £40m to Mike Ashley, after shareholders in the sporting retailer rejected a similar measure in September. The revised scheme has the potential to award Mr Ashley, Sports Direct's majority shareholder, 10m shares - worth £40m at today's share price - which would vest in 2018 if performance targets are met. Dave Forsey, Sports Direct's chief executive, said that the group would put a new bonus proposal, altered to address shareholder caveats, to investors in January. "The key concerns were that the scheme as drafted initially was open to other executives and it only had two performance criteria," the group said. The board remains committed to implementing a scheme to recognise the ongoing substantial and essential contribution of Mike Ashley. The initial bonus proposal would have awarded Mr Ashley, majority shareholder in Sports Direct, a one-off bonus of 8m, shares worth £32m at today's share price if the retailer hit a series of earnings targets over three years. Although more than 60 per cent of shareholders approved the September bonus plan, the proposal fell short of the 75 per cent approval required after both Pirc, a shareholder adviser, and the Association of British Insurers raised issues over the scale of the award. Newcastle United Football Club owner Mr Ashley, who holds a 70 per cent stake in the retail business, was excluded from the vote. Mr Ashley does not receive any remuneration from Sports Direct in his role as executive deputy chairman. The altered scheme includes pre-tax profit and earnings targets. The news came as the FTSE 250 retailer said that first-half revenues had been buoyed by the UK's "summer of sport" that included London Olympic and Paralympic Games and the Euro 2012 football championships. Sports Direct, which operates Lillywhites stores and owns brands such as Slazenger and LA Gear, on Thursday reported a 22.5 per cent year-on-year increase in revenues to £1.1bn in the six months to October 28. Pre-tax profit rose from £100m to £125m, and diluted earnings per share rose from 11.17p to 14.73p. There was no dividend. Sales growth was solid across the group's UK and international operations, with online sales reporting the biggest jump, up more than half to £110.5m. Internet sales now represent 12.5 per cent of total retail sales, up from less than 10 per cent a year ago. The group, which operates across the UK and continental Europe, opened stores in Hungary, Slovakia, Iceland and the Czech Republic during the half, and relaunched its website. Sports Direct shares fell 2 per cent to 401p in early trading.