Monday 5 December 2016

Profits dip by €105,000 at former McIlroy sports firm

Gordon Deegan

Published 25/05/2016 | 02:30

Rory McIlroy in action during the Dubai Duty Free Irish Open Golf Championship at The K Club
Rory McIlroy in action during the Dubai Duty Free Irish Open Golf Championship at The K Club

Accumulated profits at the sports agency that had a break-up with golfing superstar Rory McIlroy, above, dipped by more than €100,000 last year.

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New accounts filed by Horizon Sports Management show that accumulated profits fell from €450,021 to €344,178 in the 12 months to the end of June last. The firm's profits rose by €110,857 in the prior 18- month period. The firm, led by UCD commerce graduate Conor Ridge, saw its cash pile fall from €479,446 to €132,014 last year.

Mr Ridge's business did hit the jackpot through its break-up with McIlroy where an out of court agreement in February 2015 in Dublin resulted in Horizon Sports receiving a reported €21.8m ($25m) from the golfer.

Well known Irish sports stars on its books today include golfer Shane Lowry and Munster rugby captain Peter O'Mahony.

During its time with McIlroy, Horizon negotiated the reported $20m a year deal with Nike.

The abridged accounts - signed off on April 28 last - make no reference to the split with McIlroy or the subsequent out of court settlement.

The abridged accounts also do not disclose revenues or what was paid in salaries.

The court dispute had been expected to have involved arguments over tens of millions in lost commissions and earnings from potentially massive sponsorship deals and wins on the course.

The golf star claimed the terms he signed were inferior to those given to other top 10 players including fellow countryman and major-winning friend Graeme McDowell, who was in the same stable at the time.

Irish Independent

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