Mike Ashley's future son-in-law to receive £20.9m before taking over as Frasers Group CEO
Michael Murray, Head of Elevation at Frasers Group, is engaged to Ashley’s daughter Anna.
The cash payment to the property developer is three times larger than any previous sum he has earned from Sports Direct. According to the Guardian, the total amount is based on an agreement to pay Murray a consultancy fee based on value generated under property deals made for the company.
Murray's MM Prop Consultancy Ltd is entitled to up to 25% of any value generated through real estate advice and consultancy services to Frasers, having received £2.5 million in 2021 and £9.7 million in payouts during 2019 and 2020.
Under a new pay deal, which comes into force from 1 May, Murray could also receive shares worth more than £100 million if Frasers Group's share price remains above £15 for 30 consecutive trading days before October 2025. The share price currently stands at £6.93.
The board of Frasers said: "The agreement with MM Prop Consultancy Ltd has delivered significant financial and strategic value for the group and its stakeholders. We are delighted that Michael will now drive us forward in our elevation journey, which we are already making strong progress with."
Murray added: "I am very excited to be leading Frasers Group in its next chapter and am confident we are going to take the group to new heights with the progress we are making in our elevation strategy."