Monday 26 September 2016

Shrewd business decisions sees Brian O'Driscoll's wealth soar by €780,000 in first full year in 'retirement'

Gordon Deegan

Published 07/07/2016 | 10:34

Rugby legend, Brian O’Driscoll’s earning power shows no sign of slowing down as accumulated profits at his firm last year soared to €4.4 million.

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O’Driscoll may no longer enjoy the healthy income from his playing contract with Ireland and Leinster but new accounts show that the rugby icon’s first full year as a retired professional rugby player was a very lucrative one.

Accounts just filed by his ODM & Promotions Ltd with the Companies Office show that accumulated profits at the firm jumped by €784,173 to €4.4m.

In the 12 months to the end of August last, the cash pile at O’Driscoll’s firm increased by €469,785 going from €942,777 to €1.4m.

The value of the firm’s investments also increased going up by €90,526 from €2.1m to €2.19m.

O’Driscoll’s investments include a joint venture with tech entrepreneur, Ray Nolan where the two are overseeing the growth of the Ultimate Rugby App and website.

The retired centre’s popularity in the corporate world was underlined this week when he fronted the launch of eir Sport - the Dubliner is also a regular pundit on BT Sports and Newstalk.

Last month, it was confirmed that O’Driscoll has joined the sports division of New York-based global advisory firm Teneo Holdings as a senior advisor.

O’Driscoll also works with HSBC on its golf and rugby sevens sponsorship.

The stellar profits at his firm represents a seven fold increase on the €102,006 profits recorded in 2014 and more than double the profits of €339,705 recorded in 2013.

Earlier this week, O’Driscoll was pictured at Wimbledon with wife, Amy Huberman and recently filed accounts for her own firm, ASM Entertainment show that accumulated profits at the firm last year topped €100,000.

At the end of August last, the firm had accumulated profits of €104,187.

The figures show that the firm recorded a profit of €20,963 last year following a profit of €83,224 in 2014.

Ms Huberman sits on the board of the firm with her father and directors’ pay last year totalled €100,476.

Ms Huberman set up the company in late May 2013 to capitalise on her increased earning power and at the end of  August last, the firm had a cash pile of €123,757

O’Driscoll ended his decorated playing career with Ireland and Leinster in 2014 and the ODM & Promotions Ltd’s only other director is O’Driscoll’s father, Frank who has helped guide his son’s career off the pitch to great effect.

O'Driscoll, then aged 22, established the firm in 2001 as part of his bid to capitalise on being the most marketable Irish player of the modern rugby era.

O’Driscoll has also been in a position to avail of the Government’s scheme for retired sports stars that allows them to claim back a 40% tax deduction on their gross earnings from sports activity over a 10 year period.

That includes wages and match bonuses, but does not include sponsorship money, payments for writing media columns or fees for appearing in advertisements.

The scheme costs the Government €300,000 per annum to operate.

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