SPORTS Direct is expected to play down concerns over a hefty Belgian tax bill in its trading statement this morning.

Mike Ashley's sportswear retailer shocked the City in the summer when it revealed it faced a last-minute Belgium tax liability worth €674m (£562m).

However, the tycoon's firm — which is due to be renamed Frasers — is likely to say today that it now expects the final financial impact to be minimal, according to the Sunday Times.

Sports Direct has had a turbulent year as its billionaire owner Ashley waged a number of corporate battles and snapped up several troubled high street brands.

The FTSE 250 company's share price has made gains in the last 12 months, climbing more than 50 per cent to 360p.

However, Sports Direct's corporate governance has come under criticism from investors and analysts, most notably in July when it revealed the multi-million-pound tax bill after delaying the release of the firm's results by 10 hours. Ashley has sought to elevate the firm's retail offering by renaming it, and has put his future son-in-law Michael Murray in charge of directing the new strategy.

The proposed rebrand follows the news that the company is planning to launch a chain of luxury high street stores named Frasers within the next financial year.

(c) 2019 City A.M., source Newspaper