Wednesday 14 November 2018

Conor McGregor's Irish firm plunges into red with negative swing of €470,923 in one year

Conor McGregor Credit: Stephen McCarthy/Sportsfile
Conor McGregor Credit: Stephen McCarthy/Sportsfile

Gordon Deegan

Mixed martial arts superstar, Conor McGregor’s main Irish firm last year plunged into the red.

New figures show that McGregor Sports and Entertainment Ltd had accumulated losses of €354,708 at the end of December last compared to accumulated profits of €116,215 12 months previous - a negative swing of €470,923 over 2017.

However, the accumulated losses are unlikely to trouble the Crumlin man as his reported net worth is around €85m.

Last Summer, the 30-year old swapped the Octagon for the boxing ring for the mega-fight with Floyd Mayweather that generated $55.4m (€47.2m) in ticket sales alone.

Around 5.5 million pay per view purchases were sold in the US and the UK for the fight.

Forbes estimate that McGregor has had earnings of $99m over the past year including $85m from the Mayweather fight.

The Dubliner is due another big pay day with the upcoming fight against the reigning, defending, undefeated UFC Lightweight Champion, Khabib Nurmagomedov in Law Vegas at the end of next week.

McGregor recently used his McGregor Sports and Entertainment Ltd company in his bid to secure a trademark for his planned 'Notorious' whiskey.

However, the company last month withdrew the trademark application as a Carlow brewer already has the trademark resulting in McGregor to change names and he last week launched his ‘Proper No 12’ whiskey.

McGregor Sports and Entertainment Ltd was only established  in July 2014 to exploit  the former plumber’s earning potential.

The new accounts - approved by the company's directors on Monday of this week -show that the case pile at McGregor’s firm last year decreased marginally going from €333,959 to €324,438.

McGregor is listed as the sole shareholder in McGregor Sports and Entertainment Ltd.

McGregor’s long term partner, Dee Devlin is a director of the company along with long time friend of McGregor, Alan Geraghty.

Numbers employed by the firm last year increased from three to six with three engaged in sales and promotion and three in administration.

Staff costs last year increased from €175,783 to €189,462.

The amount paid out to directors by McGregor Sports and Entertainment Ltd last year reduced from €90,249 to €81,900.

On Ms Devlin’s role in his career, McGregor has said previously: “She does not work anymore, I hired her to the business. She works for me now and collects the cheques.

“Everyday since I started in this game, she’s supported me. If it wasn’t for her, I probably wouldn’t be where I am today.”

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