Tuesday 20 February 2018

Profits increase by €110k at former McIlroy firm

Rory McIlroy
Rory McIlroy

Gordon Deegan

Accumulated profits at the sports agency business that parted company with superstar golfer Rory McIlroy rose by over €110,000 last year.

In an out of court agreement last January in Dublin ending its relationship with Mr McIlroy, Horizon Sports received a reported €21.8m from the golfer.

Ahead of the court case, Horizon Sports Management deferred lodging its annual accounts last year.

It has now lodged filings for the 18-month period to the end of June last and new figures show that the firm's accumulated profits rose from €339,164 to €450,021.

Well-known Irish sports stars on its books include golfer Shane Lowry and Munster rugby captain Peter O'Mahony.

During the 18-month period, the firm's cash pile decreased from €506,882 to €479,446.

This followed the cash pile at the firm more than doubling to €506,882 in the prior period.

The firm's accumulated profits in the previous 2012 period increased from €275,217 to €339,164. 2012 was the only full year the agency represented four-time major winner McIlroy before the relationship went sour in 2013.

During its time with McIlroy, Horizon - headed by Conor Ridge - negotiated the reported $20m per annum deal with Nike.

The abridged accounts - signed off on May 19 - make no reference to the falling out with McIlroy or the subsequent out of court settlement.

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