£100 million pay deal for new Doncaster Sports Direct boss is approved

Doncaster's Michael Murray could land a £100 million pay deal. (Photo: Frasers Group).

Company shareholders have backed the deal for incoming boss Michael Murray, Mike Ashley's prospective son-in-law and who is set to take over the firm.

Around 85% of Frasers’ Group members voted for the package, which could hand Mr Murray a £100m bonus on top of his annual £1m salary.

He'll get the bumper bonus if the company's shares reach £15 in the next four years.

The 31-year-old is set to take over from retail tycoon Mike Ashley, who will become chairman of the group.

Mr Murray is currently "head of elevation" at the group, which owns brands including Sports Direct, House of Frasers and Flannels, and is in charge of modernising stores and transforming the business.

He is due to become chief executive on 1 May 2022.

Mr Murray is engaged to be married to Mr Ashley's daughter Anna and will receive the £100m bonus if the £15 share target is reached for a consecutive 30-day period at any point over the next four years.

The company's shares are currently trading just below £7 and reached an all-time high of more than £9 in April 2014.

When announcing the package last month it said: "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."

Mr Murray 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.