Mike Ashley to pay future son-in-law £20.9m before becoming Frasers chief Business

The future son-in-law of Mike Ashley will receive £20million in consultancy fees before taking over as Frasers chief executive next month.

Michael Murray, 32, currently serves as ‘Elevation Manager’ at the retailer, formerly known as Sports Direct, and has been in charge of all property transactions.

Frasers said it was now “necessary” to settle the bill between Frasers and MM Prop, Mr Murray’s property consultancy, before his formal appointment as chief executive on May 1.

The group’s final payment to Mr Murray will be £20.9 million, the company said in an update to investors.

Frasers added: “The board has now completed its assessment, with the assistance of independent third-party experts.”

Mr Murray was entitled to up to 25% of any value created by the services he provided to the group.

The board said the deal had “delivered significant financial and strategic value” to the company, and Frasers also received a discount at the end of the deal.

Mr Murray added he was ‘very excited to lead Frasers in his next chapter’.

It is looking to upgrade Sports Direct stores and expand its luxury offering through the department store chain Flannels, which it also owns.

He is engaged to Mr Ashley’s daughter Anna and is set to receive a £100million bonus if the £15 equity target is hit for a consecutive 30-day period at any time during the next four years. Mr. Ashley will become chairman of the group.

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This notice was published: 2022-04-22 17:44:07

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