Business Irish

Friday 22 August 2014

Profits at O'Connell's Nellcon top €1m

Gordon Deegan

Published 22/03/2014 | 02:30

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Gloucester v Munster - Pool 6 Round 5 - Heineken Cup 2013/14...11 January 2014; Paul O'Connell, Munster, supported by team-mate Tommy O'Donnell, in action against Sila Puafisi, Gloucester. Heineken Cup 2013/14, Pool 6, Round 5, Gloucester v Munster, Kingsholm, Gloucester, England. Picture credit: Diarmuid Greene / SPORTSFILE...ABC
Paul O'Connell, Munster (centre)

IRELAND'S triumphant Six Nations rugby captain Paul O'Connell now has even more reason to celebrate, with new accounts showing that his firm's accumulated profits top €1m for the first time.

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Last Saturday, the Limerick man lifted the Six Nations trophy after the national rugby team's dramatic win over France in Paris. Now, accounts filed by O'Connell's firm Nellcon to the Companies Office for the 12 months to the end of last April show that the firm's accumulated profits increased by €115,825 to €1.09m.

During the same period, the cash pile at the firm owned by the Ireland and Munster star also increased – going up by €38,901 from €1.012m to €1.051m.

O'Connell (34) has been a talisman for Munster and Ireland over the past decade, captaining Munster to their second Heineken cup win in 2008.

In January, the second row – capped 92 times by Ireland – ensured his present level of basic income will continue when he signed a contract that will see him play for Ireland and Munster until the summer of 2016.

The former University of Limerick student has played for his beloved Munster since 2001 and will celebrate 13 years playing with the province in August of this year, having played over 150 times for the team.

O'Connell has benefited from his professional playing career coinciding with a boom in the popularity of rugby – between 2001 and 2013, revenue at the Irish Rugby Football Union, which controls 80pc of the finances of Irish rugby, has trebled from €21.6m to €64m.

At the end of his playing career, O'Connell, like other key sportsmen, will claim back 40pc of the tax he paid over a 10-year period, under a Government scheme introduced in 2002.

O'Connell – who married Emily O'Leary last June – added to his coffers last year when taking on the role of brand ambassador for electricity firm Pinergy.

Figures for Nellcon show at the end of April last, the company owed €38,213 to O'Connell. The value of the firm's investments totalled €5,000 last year, while debtors totalled €112,860.

Irish Independent

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