Profits drop to €18m at Irish branch of agency representing Ronaldo

Profits drop to €18m at Irish branch of agency representing Ronaldo

Pre-tax profits at the Irish branch of the football super agency Gestifute that represents Cristiano Ronaldo last year declined by 28% to €18.59m.

New accounts filed by Gestifute International Ltd show that it incurred the drop in pre-tax profits in spite of revenues increasing marginally from €22.67m to €22.69m.

The Irish firm paid €18m during the year in dividends to its shareholders and this followed the company paying out €20m in dividends in 2016.

Gestifute was founded by super agent, Jorge Mendes who represents Ronaldo along with Manchester United manager, Jose Mourinho and a host of other international players.

The principle activity of the Irish company is providing consultancy and marketing services to professional sports people and sporting organisations.

The Irish company has its registered office in Dublin 1 and the directors state that the company plans to continue its present activities and current trading levels.

Gestifute International Ltd had accumulated profits of €14m at the end of last year while its cash pile declined from €7.22m to €3.9m.

The accounts show that the Irish firm’s tax bill for the year totalled €2.6m.

The company’s controlling party is Start SGPS, a Portuguese-registered firm that is Mendes’s holding company for his businesses in sport.

One of the directors of Gestifute in Andy Quinn and a note attached to the accounts show in 2017 €82,500 was charged by Andrew P Quinn and Associates where Andy Quinn is a director.

The company employed six people and staff costs totalled €331,374.

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