Superstar golfer Rory McIlroy's management and image rights firm last year recorded a pre-tax loss of $105.4m (€88.3m)
The paper loss stems from a non-cash writedown of $99m in the value of McIlroy's lifetime image rights.
The Northern Ireland golfer is unlikely to be too perturbed with the loss, with 'Forbes' magazine last year estimating that he earned $42.5m in 2016 - broken down between $35m from endorsements and $7.6m in winnings.
Mcllroy is taking a break from the sport having battled with injury for much of the year and hits the greens again on January 25.
The figures show that revenues at Rory McIlroy Management Services Ltd (RMMSL) last year totalled $21.7m - or $418,269 per week.
Revenues at the company declined by 15pc from $25m to $21.7m.
"RMMS Ltd own and manage Rory's lifetime image rights. Each year, the directors review the value of these rights," said a spokeswoman for the four-time major winner.
"The value the directors assign fluctuates in line with changes in Rory's operating environment."
The directors of the company state that "income levels were in line with expectations".
The firm's cash pile jumped from $3.8m to $6.7m. The firm employed six, including three directors, with staff costs totalling $1.85m.
Directors' remuneration increased from $676,447 to $711,141. The company had a book value of $400m on McIlroy's image rights at the start of last year and this reduced to $280m at the end of 2016.