Evans to count cost of departure
Chris Evans looks set to lose out on a multi-million pound windfall after being fired from his starring role at Virgin Radio.
Evans was paid around £36m in cash when he sold Ginger Media, which then owned the station, to Scottish Media Group last year.
But SMG also planned to pay the DJ shares worth £38.4m in three instalments. Two of these had already been made, but the last instalment of 4.9 million shares - at the time worth £12.8m - was not due until January, 2002.
The terms of the deal state: "If Chris Evans leaves Ginger Media, or the enlarged group, prior to the full vesting of his share tranches, and without the express consent of SMG, he forfeits the right to receive any outstanding entitlement."
Mr Evans's departure from his high-profile breakfast slot could also have a knock-on effect on the value of the shares he already holds.
The DJ's radio show accounted for a major slice of Virgin Radio's advertising revenue and his loss could see SMG's share price fall. This would in turn affect the value of the star's current holding in the group, believed to be 3.18%.
SMG's share price was down 3% today, giving SMG a market value of little more than £500m. This compares with £860m when it bought Ginger Media.
At the time of the deal, SMG's decision to grant the DJ share options was seen as a way of keeping him at Virgin Radio, where he reportedly earned £3 million a year.
Mr Evans celebrated his windfall last January in traditional style, spending most of the day drinking at the Midas Touch, a bar 10 yards from his office in Soho's Golden Square.
