TV deal could net chef Ramsay £20m
Celebrity chef Gordon Ramsay has landed a deal that could boost his personal fortune by up to £20 million.
The Michelin-starred chef has agreed to sell his half of One Potato Two Potato - the production company which makes many of his hit TV shows, such as Ramsay's Best Restaurant, Gordon's Great Escape and Gordon Ramsay's Cookalong Live.
It is being sold to All3Media as part of a takeover of Optomen Television, which co-owns One Potato Two Potato.
The deal, which was first disclosed earlier this week, is thought to be worth around £40 million if future performance targets are met over a five year period, but could be worth more than £50 million if these measures are exceeded.
Ramsay is understood to be in line for a hefty upfront sum from the takeover, with the remainder of his haul due if the company meets performance targets over the next five years.
Ramsay's share of the windfall could be as much as £10 million, or near to £20 million if targets are smashed.
The multi-million pound handout comes as a welcome financial boost after a troubled time for the fiery TV personality.
His restaurant empire has suffered a series of setbacks in recent years, coming close to the brink last year as revenues collapsed while debts and tax bills mounted up. One of his gastro pubs - The Devonshire in Chiswick, West London - closed earlier this summer.
Ramsay said: "I'm very happy to be joining All3Media and look forward to growing One Potato Two Potato in the UK and in America.
"Twenty years of working in kitchens has taught me that success is always a team effort, and with the help of the team at All3Media I'm confident we can take things to the next level and soon reach three potato, four potato and more."