O’Connell firm increases cash pile to €850k

The cash pile at the firm owned by Ireland and Munster rugby player Paul O’Connell increased last year by 19% to €850,211.

The disclosure was made in accounts lodged by Mr O’Connell’s Nellcon Ltd with the Companies Office.

Cash in hand increased from €713,399 to €850,211 in the 12 months to the end of Apr 2011.

Nellcon’s accumulated profits, at that time, stood at €852,355 — an increase of €159,060 on the €693,395 recorded at the end of April 2010.

Mr O’Connell, now aged 32, has been a talisman for Munster and Ireland over the past decade, captaining Munster to their second Heineken cup win in 2008.

Earlier this year, the Limerick man ensured his present level of basic income from his professional rugby contract for at least another two years when he signed a new Ireland international rugby contract that will see him play for Ireland and Munster until the end of the 2014 rugby season.

The Limerick native has benefited from his professional playing career coinciding with a boom in the finances and popularity of Irish rugby.

Between 2001 and 2011, revenues at the Irish Rugby Football Union (IRFU) — which controls 80% of the finances of Irish rugby — have more than trebled from to €69.2m in 2011.

At the end of his playing career, Mr O’Connell, like other key sportsmen who end their playing careers in Ireland, will be able to claim back 40% of the tax they paid over a 10-year period under a Government scheme introduced in 2002.

The figures for Nellcon Ltd show that the value of its investments declined by more than half from €75,750 to €35,000 following Mr O’Connell’s decision to dispose of €40,750 of his investments during the year.

Mr O’Connell established Nellcon Ltd in 2005 and figures show the firm’s net assets were valued at €852,455 at the end of April last year. The other director of the firm is Mr O’Connell’s father, regarded as the international forward’s “biggest influence”.

Mr O’Connell captained the British & Irish Lions on the 2009 tour to South Africa and, only last week, stepped down as Munster captain. In a statement explaining his move to step down as captain, he said: “I’ve been squad captain for six seasons and just felt it was time to step back and let someone else assume the role. With a new coaching structure in place, I thought the timing was right.”

In an interview after signing the new contract extension, Mr O’Connell didn’t rule out another contract down the line.

The two-time Heineken Cup winner said: “I don’t know if this will be my last contract. My body is in great nick — we are very well looked after by our fitness staff.”

Last April, he was granted the Freedom of Limerick City and also announced his engagement to his long term partner, Emily O’Leary.