Celebrity chef Gordon Ramsay today 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."
Ramsay is set to remain as a director of One Potato Two Potato. His payoff is said to be disproportionately greater than his stake in the firm as a reflection of his brand power in key markets, most notably America.
He set up the production company with Optomen in 2008 to make all of his new programmes, but also to take many successful shows to the US.
The firm is producing MasterChef US and Gordon Ramsay Cookalong Live USA.
All3Media is also hoping to gain greater scale in America through the Optomen acquisition, adding to its existing US shows such as reality TV series Undercover Boss.
Optomen is also a major player in the sector, with a raft of programmes including Channel 4's Heston's Feast featuring chef Heston Blumenthal and Mary, Queen Of Shops.
Steve Morrison, chief executive of All3Media, said Optomen was a "jewel in the UK's TV crown".
"With One Potato, Two Potato they have created a brilliant vehicle to make the most out of the unstoppable force of nature that is Gordon."Reuse content