THE sports management company that brokered rugby star Jonny Sexton's deal with Racing Metro this year was nursing losses of more than €2m at the end of 2011.
The most recent financial accounts filed for Platinum One, the sports agency controlled by former broadcaster and PR man Fintan Drury, show losses of €2.1m at the end of 2011.
The agency represents sports stars, especially in soccer and rugby, when they are negotiating contracts with clubs and at a national level. Agents typically get around 5pc of the resulting deal as their fee.
Platinum One struck a notable deal this year when rugby star Jonny Sexton, inset, left Leinster to join Racing Metro in France on a €600,000 a year deal.
However, its most recently filed accounts show losses were up at the end of 2011, from €1.9m the previous year, according to the papers filed with the Companies Office.
That figure was partly offset by cash in the business and debts owed to the agency – which combined are worth just over €500,000, the accounts show.
Bank loans and overdrafts of €328,000 owed by the company are backed by guarantees from Fintan Drury and fellow director Johnny Fortune, the accounts state.
The loans are owed to Irish Bank Resolution Corporation (IBRC), the former Anglo Irish Bank.
Fintan Drury set up the sports business back in the 1990s. He had been a college soccer player before joining RTE as a journalist, and made millions setting up and selling a PR business before establishing Platinum One.