Sports Direct board rejects chairman's offer of resignation

The board at Sports Direct have rejected chairman Keith Hellawell's offer of resignation over the weekend amid a damning report and claims of "Victorian" work practices and poor corporate governance at the firm.

"Dr Hellawell had offered to step down over the weekend in the light of the shortcomings highlighted in the report, but he will stay in his role in order to assist with making further improvements," Sports Direct said in a statement.

The news comes as majority shareholder Mike Ashley braces himself for a showdown with shareholders and unions at the company's annual general meeting (AGM) on Wednesday.