Monday 26 June 2017

McIlroy’s wealth up €25m to make him Ireland’s richest sports star

Rory McIlroy
Rory McIlroy
Samantha McCaughren

Samantha McCaughren

GOLF superstar Rory McIlory’s estimated wealth has risen to €125m, making him the top ranked sports personality on the Sunday Independent Rich List of the 300 wealthiest people in Ireland.

According to estimates, 27-year-old McIlroy, from Holywood, Co Down saw his wealth grow by €26m since early 2016, putting  him in 125th place on the list.

He is the world’s 17th highest-paid athlete, according to Forbes, earning over €40m before tax from winnings and sponsorship last year. His biggest endorsement deal was a €160m agreement with Nike, but last August the sports giant announced it was pulling out of the golf clubs and equipment business.

He also has lucrative deals with Bose, Omega and Upper Deck. He drives a €380,000 Lamborghini Aventador and has a €10m home in Palm Beach, Florida, as well as property in Dubai and Northern Ireland.

McIlroy has switched much of the financial operations of his empire to Ireland. Latest accounts for Rory McIlroy Management Services Ltd show the firm placed a massive $401m (€380m) book value on the firm’s intangible assets.

It has been reported that McIlroy is to marry his fiancée Erica Stoll later this month with the reception to take place in Co Mayo’s Ashford Castle, one of Ireland’s finest hotels.

McIlory is one of the youngest people on the Sunday Independent Rich List but his wealth is significantly below that of tech billionaire John Collison (26), who with his brother Patrick (28), own payments company Stripe. Their wealth is collectively valued at €2.1bn on the Rich List. The youngest entry is musician Niall Horan.

The list is topped by the Mistry family, with a  total wealth of €15.4bn. Pallonji Mistry (87) is a reclusive Indian tycoon with an Irish passport who  is married to Dublin-born Patsy Perin Dubash. The source of the family wealth is a stake in Bombay-based conglomerate Tata.

The Mistry family is followed by the Weston family, which owns Brown Thomas and Arnotts in Dublin and Selfridges in the UK, as well as many other assets. Dublin-born Hilary Weston is married to Galen Weston, Canada’s second-richest man

Third on the list is American private equity mogul John Grayken (60) who renounced his American citizenship in 1999 for tax purposes and became an Irish citizen. Fourth on the list is communications and media entrepreneur Denis O’Brien, while fifth place goes to animal nutrition tycoon Pearse Lyons.

The remaining five on the top ten are Campbell’s Soup heir John Dorrance III; bloodstock entrepreneur John Magnier; founders of payments firm Stripe, the Collison brothers; billionaire racehorse owner JP McManus; and financier Dermot Desmond. The list contains people from a wide range of sectors covering music, sports, entertainment, property, pharmaceuticals, tech and many others.

Full details of the 300 entries on the Rich List are published in today’s Sunday Independent.

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