Saturday 1 October 2016

Loss at firm Live Nation bought from McGuinness

Gordon Deegan

Published 18/12/2015 | 02:30

Paul McGuinness, who was U2 manager for more than 30 years. Photo: Arthur Carron/ Collins
Paul McGuinness, who was U2 manager for more than 30 years. Photo: Arthur Carron/ Collins

The management business purchased by music giants Live Nation from former U2 manager, Paul McGuinness recorded losses of €203,717 in its first year.

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In November 2013, Mr McGuinness confirmed that he was stepping down as manager of U2 after more than 30 years at the helm when announcing the sale of his Dublin-based Principle Management to Live Nation.

The sale of Principle Management to Live Nation was part of a reported $30m deal that also included Live Nation purchasing Madonna's entertainment company, Maverick.

As part of the deal, Mr McGuinness remained on as chair of Principle Management with Guy Oseary taking over U2's day-to-day management.

As part of the re-organisation of the Principle Management business, Principle Management Ltd was renamed Evergreen Ventures Ltd and McGuinness formally moved to wind up Evergreen Ventures Ltd last December.

As part of the process, a new Principle Management Ltd firm was set up in November 2013 and it had shareholder funds of €2.296m last December.

The Live National firm has a staff of two and paid out €767,501 in staff costs.

Irish Independent

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