Friday 24 November 2017

Former McIlroy agency posts €111,000 loss

Rory McIlroy
Rory McIlroy

The Dublin sports agency that had an acrimonious break-up with golfing superstar, Rory McIlroy last year has plunged into the red, according to its latest accounts.

New accounts filed by Horizon Sports Management show that, at the end of June last year, the firm had accumulated losses of €111,429.

This followed the company having an accumulated profit of €344,180 at the end of June 2015 - a negative swing of €455,609 in 12 months.

This followed accumulated profits dropping by €105,843 from €450,021 to €344,178 in the 12 months to the end of June 2015.

At the end of June last, Horizon Sports Management had a shareholders' deficit of €71,182 compared to shareholders funds of €384,428 a year before.

However, MD Conor Ridge is unlikely to be too concerned with the firm sliding into the red, after his business hit the jackpot through its break-up with McIlroy.

An out-of-court agreement in February 2015, in Dublin, resulted in Horizon Sports receiving a reported €21.8m ($25m) from the golfer.

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

Well-known Irish sports stars on its books today include golfer, Shane Lowry and Munster rugby captain, Peter O'Mahony who is currently on tour in New Zealand with the British and Irish Lions.

During the period under review, the company's cash pile reduced from €132,014 to €11,120 as it reduced its workforce from six to four.

Numbers employed in administration reduced from four to two while the company retained two directors.

Staff costs reduced from €578,732 to €469,759 and the 2015 total paid out in staff costs included 'other compensation costs' of €60,000. Moya O'Beirne stepped down from the board on April 28, 2016 and was replaced by Padraig O'Reilly on the same date.

The figures show that a directors' loan of €141,588 to the firm was outstanding at the end of last June.

Pay to directors increased by 40pc from €278,750 to €391,239.

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