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Morrisons bosses in line for a £35million payday if sale to US investment firm goes ahead 

Morrisons bosses in line for a £35million payday if sale to US investment firm goes ahead

  • Supermarket is at the heart of a bidding war as companies try to buy it cheap 
  • It emerged that chief executive David Potts stands to make up to £19.6million
  • Trevor Strain would earn a £3.6million payout, which could rise to £11.5million 

Three Morrisons bosses could be in line for a £35million payday if its sale to a private equity firm goes ahead despite opposition to the deal.

The supermarket is at the heart of a bidding war after companies pounced on the chance to buy it on the cheap as profits have fallen in the past year.

But yesterday it emerged that chief executive David Potts, who has backed a £6.3billion bid from firm Fortress, stands to make up to £19.6million if the supermarket’s board honours long-term bonuses following the sale. 

Yesterday it emerged that chief executive David Potts, pictured, who has backed a £6.3billion bid from firm Fortress, stands to make up to £19.6million

The race to buy Morrisons began last month when it emerged that the firm had rejected CD&R's bid, which it said was too low. Fortress have now made a £6.3billion takeover bid

The race to buy Morrisons began last month when it emerged that the firm had rejected CD&R’s bid, which it said was too low. Fortress have now made a £6.3billion takeover bid

He is guaranteed a £9.2million payout from the shares he already owns.

Operations chief Trevor Strain would earn a £3.6million payout, which could rise to £11.5million, and finance director Michael Gleeson will get £805,000 to £3.7million, The Sunday Times reported. 

Critics called the windfalls ‘excessive’ and it has led to concerns the bosses may not be acting in the best interests of their staff in supporting the bid.

And farmers are concerned firms such as Fortress may not honour the relationships with food producers. 

But yesterday it emerged that Mr Potts had written to 3,000 UK farmers to assure them commitments made by Fortress ‘carry genuine weight’, even though they are not legally binding.

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