New Doncaster Sports Direct boss in line for £100m bonus as Mike Ashley steps down

Mike Ashley' s Frasers Group has offered his future son-in-law Michael Murray the bumper pay out for when he becomes chief executive in May 2022.

However, he will only collect if its share price reaches £15 for 30 trading days in a row before October 2025, up from its current level of about £6.50.

The company described the target as "challenging but achievable".

Mr Murray, 31, engaged to be married to Mr Ashley's daughter Anna, is currently "head of elevation" at Frasers and is in charge of modernising stores and transforming the business.

The board of Frasers Group, which owns Sports Direct and House of Fraser, said it had also recommended £1m a year salary for Mr Murray.

Shareholders are set to vote on the proposed bonus scheme at the group's annual general meeting on 29 September.

"The board believes that the significant increase in value of the shares to be achieved before Michael's share option award vests is suitably challenging but achievable and would be evidence of the success of the group's elevation strategy and Michael's leading role in this," the company said.

Mr Murray, 31, is the son of Doncaster property and business magnate Mick Murray, who set up the all-conquering Doncaster-based Lazarus Properties with business partner Lloyd Nicholson in 1997.

Murray met Ashley’s daughter Anna on holiday in Majorca in 2011 and the couple now live together in a £10.7 million mansion in Belgravia.

He was educated at the private Sedbergh School - which counts former England rugby captain Will Carling among its former pupils.

He set up an events company with pal Toby Mullins, 26, after they were students at Reading University. Their club nights, where tickets cost £5 and revellers down cheap booze have proved popular in the Berkshire town.

In 2016, he was first hired as a consultant by the billionaire sports mogul and isn't on the payroll of Frasers or its board of directors but has collected more than £15 million in fees over the last four years while acting for the firm.