Business Irish

Sunday 18 August 2019

Cristiano Ronaldo's Dublin-based super agent scores with €26m profit

Cristiano Ronaldo
Cristiano Ronaldo

Gordon Deegan

Pre-tax profits at the Irish branch of the football super agency Gestifute, which represents Cristiano Ronaldo, last year soared by 26.7pc to €25.97m.

New accounts filed by Gestifute International show it enjoyed soaring pre-tax profits after its operating profit climbed from €20.5m to €25.73m.

The Dublin firm paid €20m during the year in dividends to its shareholders and this followed the company paying out €12m in dividends in 2015 and €6m in 2014.

Gestifute was founded by super agent, Jorge Mendes who represents Ronaldo (pictured) along with Manchester United manager Jose Mourinho and a host of other international players. The Irish company's principle activity is providing consultancy and marketing services to professional sports people and sporting organisations.

The directors state that the results for the year were considered satisfactory.

Gestifute International had accumulated profits of €16.53m while its cash pile soared from €202,986 to €7.22m.

The accounts show that the firm's tax bill for 2016 totalled €3.28m arising from Ireland's competitive 12.5pc corporate tax rate.

The company's controlling party is Start SGPS, a Portuguese-registered firm that is Mendes's holding company for his businesses in sport.

The accounts show that one of the Dublin company's Irish directors, consultant Liam Grainger, resigned in April of this year.

The tax affairs of a number of Mr Mendes's high-profile clients have come under the spotlight in recent times but in a statement earlier this year, Mr Mendes clarified that his activity as sports agent is limited solely to representing them in their negotiations with the clubs to determine the salary terms of their contracts.

He stated that neither he nor his employees have ever intervened in the creation of corporate structures for his clients.

The other Irish-born director in Gestifute International is Andy Quinn - a former managing partner of Dublin-based accountancy firm, Moore Stephens. Mr Quinn stepped down from his role with Moore Stephens in August. The accounts show that last year Moore Stephens charged Gestifute International €78,000 and this followed the firm charging Gestifute €53,400 in 2015.

At the end of December last, Gestifute International owed €92,979 to Moore Stephens.

Separate accounts show that the cash pile at a connected Dublin firm to Gestifute, Multisports and Image Management (MIM), totalled €5m at the end of last December.

Irish Independent

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