The main Irish firm of mixed martial arts star, Conor McGregor last year returned to profit.
Figures show that McGregor Sports and Entertainment Ltd recorded profits of €533,621 for 2019. The company had reported losses of €309,462 for 2018 and €470,923 in 2017.
The profit recorded by the firm last year reduced the company’s accumulated losses from €664,270 to €130,649.
However, the accumulated losses at the company are unlikely to trouble the 32 year old Crumlin man as Forbes recently estimated that his 2020 earnings are worth around $48 million (€40 million).
McGregor didn’t appear in the Octagon during 2019 but returned there in January with a first round KO of Donald Cerrone, He reportedly made $30 million from the fight He reportedly earned $3 million for the bout and the rest from pay-per view sales.
McGregor announced his retirement from the sport last June but will add to his coffers when he returns to the Octagon next month where he is due to fight Dustin Poirier.
Last year was the first full year of sales of McGregor’s Irish whiskey, Proper No. Twelve with the brand becoming the fourth most popular in the world last year with shipments of 213,800 cases.
McGregor Sports and Entertainment Ltd was only established in July 2014 to exploit the former plumber’s earning potential and is engaged in the management, promotion and endorsements in the sporting sector.
The new accounts – approved by the company’s directors last Thursday – show that the cash pile at his firm last year increased from €1,761 to €38,555.
The company’s had €4.88 million in assets under debtors and pre-payments compared to zero under that heading in 2018.
The amount owed by the company to creditors increased from €84,844 to €3.42 million.
The company is currently engaged in a brand battle with a Dutch firm Schiphol-based McGregor IP B.V. to have the ‘Conor McGregor’ and other McGregor related trademarks registered across the EU.
McGregor’s long term partner, Dee Devlin is a director of the company along with long-time friend Alan Geraghty.
Directors’ pay last year, which remained at the same level as 2018, was €108,000.
A note attached to the accounts states that the directors have considered the company’s business prospects and all relevant aspects of the company’s financial position, including its ability to generate positive cash flows and/or obtain additional funding that may be required.
The note states: “On that basis, the directors are satisfied that the going concern basis is appropriate.”