Some have even suggested he could cash in on Newcastle Utd's venture into European football by (once again) trying to sell the club.
But that is something Derek Llambias strong denies: "We are in this for the long haul.
"Mike is not going to sell the club, I promise you that."
But on the business front - investors are circling Sports Direct in anticipation that majority shareholder Ashley will sell part of his 70 per cent stake.
Legal & General, Schroders and BlackRock, which hold minority stakes in the sports retailer, are all understood to be interested in increasing their shareholdings.
Fresh investors, such as Fidelity, are also said to be interested.
A source close to Ashley said: “A lot of existing minority shareholders are now looking to up their shareholding significantly, as well as there being interest from new investors.
“Sports Direct is doing well and, with the prospect of dividends, investors want a piece.”
Jonathan Pritchard, analyst at Oriel Securities, said: “Ashley’s a seller and within the next three to six months I’d be surprised to see him still with 70 per cent.
"My guess is he will sell about 10 per cent and it will be a very attractive proposition for investors.”
Sports Direct is flying high after it reported in February sales for the third quarter were up 9.1 per cent to £453.8 million.