Mr Ashley, 58, handed the reins to Mr Murray, chief executive, after stepping back into an executive role in August last year.
He said: “Since Michael Murray took over the leadership of Frasers Group earlier this year, the business has gone from strength to strength.
“It is clear that the group has the right leadership and strategy in place and I feel very confident passing the baton to Michael and his team.
“Although I am stepping down from the board, I remain 100pc committed to supporting Frasers and Michael’s plans and ambitions, and I look forward to helping the team as and when they require me.
“My commitment and support as a Frasers’ shareholder is as strong as ever.”
Mr Murray added: “Mike has built an incredible business over the past 40 years and, on behalf of the board and the group, I want to thank him for all he has done.
“With our new strategy and leadership team, we are driving this business forward at pace and we are all excited for the future.”
Mr Ashley launched Sports Direct in 1982, later changing its name to Frasers Group after buying the House of Frasers department store in 2018.
It has since gone on to snap up a raft of retail high street brands, including Game, Evans Cycles, Jack Wills and Flannels.
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