Conor McGregor firm records increasing losses

Conor McGregor firm records increasing losses

Losses continued to mount at the main Irish firm of mixed martial arts superstar, Conor McGregor, last year, according to new figures.

The figures show that McGregor Sports and Entertainment Ltd recorded losses of €309,462 in the 12 months to the end of December last.

This arose from the firm’s accumulated losses increasing from €354,708 to €664,170 for 2018.

The €309,462 loss last year followed a loss of €470,923 in 2017.

However, the accumulated losses are unlikely to trouble the Crumlin man as Forbes estimate that his 2019 earnings are worth around $47m.

Last year, McGregor earned a $3m fight fee for fighting the undefeated UFC Lightweight Champion, Khabib Nurmagomedov, in Law Vegas where he lost by submission

The bout fee didn’t include the monies McGregor received in pay-per-view (PPV) earnings and it’s estimated that a record 2.4 million PPV buys helped push his total fight pay over $30 million.

2018 was a busy year for McGregor outside the Octagon as he launched his Irish whiskey distiller Proper No. Twelve last year and prior to his return fight at UFC 229, McGregor renewed his sponsorship deal with Reebok, which pays the Dubliner some $5 million per year.

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 Friday - show that case reserves at McGregor’s firm last year plummeted from €324,438 to €1,761.

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 of McGregor, Alan Geraghty.

Numbers employed by the firm last year remained at six with three engaged in sales and promotion and three in administration.

Staff costs last year increased from €189,462 to €210,654.

The amount paid out to directors by McGregor Sports and Entertainment Ltd last year increased from €81,900 to €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 says: “On that basis, the directors are satisfied that the going concern basis is appropriate.”

On Ms Devlin’s role in his career, McGregor has said previously: “She does not work anymore, I hired her to the business. She works for me now and collects the cheques.

“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.”

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