Irvine ‘refused €2.2m to gain total control of two pubs’

FORMULA ONE star Eddie Irvine refused an offer of €2.2 million from his former friend and business partner John Foley in order to gain total control of two Dublin pubs for himself, an Employment Appeals Tribunal heard yesterday.

Mr Foley told an EAT hearing in Dublin that Mr Irvine had tried to take over 100% ownership of the businesses from him after he was sacked as manager of the pubs two years ago.

Both men had a 50% shareholding in Calview Investments - the company which ran Cocoon bar, off Grafton Street and O’Reilly’s on Tara Street.

Mr Foley’s lawyers said Mr Irvine used an unknown offshore company called Lasting Enterprises as “a contrivance” to wrest ownership and control of Calview from their client.

The 27-year-old entrepreneur claims he was unfairly sacked from his €75,000-a-year position as manager of the pubs.

However, Mr Irvine’s legal team claims Mr Foley was dismissed for bouncing cheques in Cocoon as well as using the company’s money to pay his personal debts.

The two men are locked in a bitter dispute to gain ownership of the two pubs. The dispute has resulted in a number of separate legal actions including the current hearing before the EAT.

Mr Foley has also initiated a High Court case against Mr Irvine over the ownership of Calview as well as suing the former grand prix driver for libel.

The tribunal heard Mr Irvine’s advisers rejected his offer of €2.2m to buy the racing driver’s share of the business as they did not believe he could raise the money.

However, Mr Foley said he had got bank approval to buy out Mr Irvine but was subsequently forced to obtain a High Court order to prevent Mr Irvine transferring his shareholding in Calview to Lasting Enterprises.

“I would have received just €500 for my 50% in the company,” observed Mr Foley.

The long-running hearing was informed earlier this year that the former Formula One driver has invested a total of almost €1.65m in Cocoon.