Sports Direct chief executive Dave Forsey and group finance director Robert Mellors have realised nearly £3.5m each after selling all their shares in the company.
Forsey and Mellors sold 803,922 shares at 425p each, taking their total holding in the sportswear company to zero from their previous 0.12% holding.
Forsey has been with Sports Direct for more than 20 years, while Mellors has been group finance director at the business since 2004.
Ashley still retains 64.4%.
Sports Direct could not be reached for comment.