Saturday 25 November 2017

McIlroy's €180m property tax deal

Happy couple: Rory McIlroy and his partner, Danish tennis star Caroline Wozniacki
Happy couple: Rory McIlroy and his partner, Danish tennis star Caroline Wozniacki

Tom Lyons

GOLFING sensation Rory McIlroy has chipped in with Manchester United stars Ryan Giggs and Wayne Rooney to invest in a €180m tax-driven property deal.

The Co Down golfer, who is dating the Danish tennis beauty Caroline Wozniacki, has emerged as an investor in Waverton Property LLP, a partnership set up to convert a Birmingham warehouse into a data centre.

Through his investment, McIlroy, whose fortune is estimated at €15m, can take advantage of lucrative tax breaks introduced in 2007 in the UK to encourage investors to regenerate commercial premises. Under the tax rules McIlroy and fellow investors -- who also include the Liverpool manager Kenny Dalglish and West Ham boss Sam Allardyce -- will have to hold on to the data centre for seven years to avail of the tax breaks before they can sell it on.

Investors in the partnership are putting €72m in cash into the property redevelopment, with the remainder funded by debt. Filings in Britain's Companies House do not reveal how much individual investors have put in.

The 23-year-old is currently the world's number one golfer, positioning him to earn mega-bucks in sponsorships.

Sunday Indo Business

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