Profits race ahead at management firm

Profits at the firm operated by Irish sports agent Ricky Simms raced ahead quicker than ‘Bolt-lightning’ last year.

Mr Simms, from Co Donegal, has been the agent and confidante of the fastest man on the planet, Usain Bolt, for over a decade now.

Now, new accounts show that the Jamaican’s double Olympic glory in London last summer contributed to Mr Simms’s Pace Sports Management Ltd recording a profit of £152,222 (€176,311) in the 12 months to the end of Dec 2012.

The figures returned to Companies House in the UK show that accumulated profits rose from £321,773 to £473,906.

The Middlesex-based firm’s cash pile during the year increased from £584,905 to £669,829.

The 2012 performance follows an impressive 2011.

In that year, accumulated profits rose by £173,917 from £146,707 to £320,624 with the firm’s cash pile increasing from £201,672 to £584,905.

Mr Simms is the majority shareholder with 55% of the shares. He sits on the board with athlete agent, Marion Steininger and accountant, Duncan Gaskell who both own the remaining shares.

Mr Simms’s firm also represents one of the other big stars from the 2012 Olympics — double Gold medal winner, Mo Farah.

Simms helped Bolt earn an estimated $20m (€15.2m) in 2012 through appearance fees, sponsorship deals, prize money, and bonuses. He also helped the six-time Olympic Gold medal winner strike lucrative deals with Gatorade, Swiss watchmaker, Hublot, Virgin Media, and Visa.

Mr Simms, 39, beat off a host of other sports agent to sign Bolt after the World Junior Championships in 2002 when Bolt first burst onto the scene.

In a press interview, Mr Simms said they are “like brothers”.

On the work he does for Bolt, he said “We do a lot of things for Usain and other clients that are not simple business things. Like buying flights, buying cars, PlayStations, tuxedos, whatever.”

In a BBC interview, Bolt said: “Ricky is a great part of my life. From when I started professional he’s been my agent. We’ve had good times and he’s treated me the same way since the first time we met.”

Mr Simms could not be reached for comment.


Lifestyle

It is the fourth of May, 2007. I am coming home from work, tired and scrolling through images of Trapani, Sicily - our holiday destination in a few weeks. Nothing remarkable about the journey, until I read the story of a missing girl in Praia De Luz, Portugal.Learning Points: Give Madeleine McCann's family the space to put their lives back together

More From The Irish Examiner