Former BSkyB chief executive Tony Ball has been handed a golden goodbye of at least£5m - but the deal prohibits him from working in competition with Sky for two years.

Former BSkyB chief executive Tony Ball has been handed a golden goodbye of at least£5m - but the deal prohibits him from working in competition with Sky for two years.

Ball was entitled to a golden goodbye, believed to have been around£2.6m, plus of a payment of double his annual salary of£762,134 and a bonus of£500,000.

Sky chairman Rupert Murdoch insisted at the company's annual general meeting on Friday that Ball had not been entitled to a golden goodbye but had opted to take a lump sum non-compete package in place of three separate payments.

Ball will consequently have made around£37m during his five years at the company.

At the AGM Ball's successor James Murdoch was voted onto the board by shareholders, putting an end to any possible rebellion from major investors concerned that Sky would now be run by a father and son News Corp double-act.

Finance director Martin Stewart - one of James Murdoch key executives - was voted to remain on the board almost unanimously.

Lord St John of Fawsley was also re-elected to the board in spite of strong opposition to the way he oversaw the new chief executive selection process.

Rupert Murdoch said 280 people were spoken to about the job, which was whittled down to 40 and then a shortlist of seven. However, James Murdoch is understood to be the only one put up for consideration by the board.