Mike Ashley Orders New Round of Deals as His Investors Fret

In the tumultuous year since Mike Ashley returned as chief executive officer of Sports Direct International Plc, the U.K. retail tycoon has stepped up his deal-making, snapping up everything from a lingerie brand to U.S. sellers of outdoor gear.

At the company’s annual meeting on Wednesday, investors will get their say on a strategy that some argue is better suited to a hedge fund than a publicly traded sporting-goods retailer. Chairman Keith Hellawell has pledged to stand down if a majority of independent shareholders oppose his re-election for a second year in a row, and influential advisory groups and fund managers are urging them to do so.