Business Irish

Thursday 19 September 2019

Profits double at Ronaldo linked firm

Cristiano Ronaldo
Cristiano Ronaldo

Gordon Deegan

Pre-tax profits at the Irish branch of football agency Gestifute, which represents globalo star Cristiano Ronaldo, soared last year by 76pc to €20.5m.

Latest accounts filed by Gestifute International show that business boomed after gross profits almost doubled to €27.3m last year. The Irish enterprise paid €12m during the year in dividends - almost double the €6.5m that shareholders received in 2014.

Real Madrid's Ronaldo (31) reputedly the world's highest-paid footballer on about €17.9m a year, has been the subject of newspaper allegations in recent weeks that he cut his tax bills through structures set up by Gestifute.

The company was founded by his agent Jorge Mendes. There is no suggestion that the tax moves involved anything improper and Gestifute issued a swift denial of the claims, insisting that Ronaldo is "fully compliant with tax obligations".

The accounts show that the company's tax bill for the year totalled €2.5m, arising from Ireland's competitive 12.5pc corporate tax rate.

The company's main activity is providing consultancy and marketing services to professional sports people and bodies.

The directors, including two Irish nationals - chartered accountant Andy Quinn and consultant Liam Grainger - reported finances at the year end to be satisfactory.

The accounts state that Mr Quinn is a partner at Moore Stephens Nathans and the firm charged €53,371 to Gestifute, with Gestifute owing €67,874 to the accountancy firm last year.

Irish Independent

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