Conor McGregor company’s cash pile soars to €9.6m

Operation had €9.5m cash injection last year

Conor McGregor and partner Dee Devlin at the MTV Video Music Awards in New York earlier this month. Photograph: Jason Szenes/EPA

Conor McGregor and partner Dee Devlin at the MTV Video Music Awards in New York earlier this month. Photograph: Jason Szenes/EPA

 

The cash pile at the main Irish firm of mixed martial arts (MMA) star Conor McGregor last year soared to €9.56 million.

New accounts for McGregor Sports and Entertainment Ltd show the company’s profit and loss account last year recorded a positive swing of €739,239.

It had accumulated profits of €608,590 at the end of 2020, following an accumulated loss of €130,649 at the end of 2019. During 2020 the company received a €9.5 million cash injection.

At the start of last year, the company’s cash funds totalled €38,555 and this increased to €9.563 million at the end of last year.

The increase in cash coincided with McGregor topping the Forbes list of being named the highest paid athlete in the world for 2020/21.

Forbes estimated that in the 12 months to the end of May of this year, McGregor earned $180 million (€153 million).

The figure includes $158 million from endorsements and the sale of a majority stake in his whiskey brand.

The profit at McGregor Sports and Entertainment for 2020 followed a profit of €533,621 for 2019 and losses of €309,462 for 2018 and losses of €470,923 in 2017.

The accounts state that the principal activity of the company is promotion and endorsements in the sporting sector along with the production of online news content.

During 2020, the 33-year-old native of Crumlin in Dublin made only one sporting appearance when he fought Donald Cerrone in January and won the bout through a technical knock-out.

McGregor announced his retirement from the sport in June 2020 but he returned to the Octagon MMA arena earlier this year.

He fought Dustin Poirier twice this year and in the most recent bout in July lost the fight via technical knockout in round one after the ringside doctor stopped the bout due to the Irishman breaking his tibia.

McGregor commands massive pay-days for his bouts and receives even more from his slice of pay-per-view sales.

McGregor Sports and Entertainment Ltd was established in July 2014 to exploit the former plumber’s earning potential.

Amount owned

The new accounts – approved by the company’s directors on Monday this week – show that the amount owed by the company to creditors increased from €3.4 million to €8.5 million in 2020.

At the end of last year, the company’s had €4.32 million in assets under debtors and pre-payments.

McGregor’s long-term partner, Dee Devlin is a director of the company along with long-time friend of McGregor, Alan Geraghty.

Directors’ pay last year increased from €108,000 to €177,333.

On Ms Devlin’s role in his career, McGregor has said previously: “Everyday since I started in this game, she’s supported me. If it wasn’t for her, I probably wouldn’t be where I am today.”

Last year, McGregor Sports and Entertainment lost out on a bid to cash in on McGregor’s brand across the EU. The Boards of Appeal at the EU brand registry rejected McGregor’s appeal against a decision to reject the name ‘Conor McGregor’ as a trademark for the sale of clothing across the EU.

McGregor’s bid to register his name was opposed by a Dutch-based firm, McGregor IP BV.