McIlroy company sees profits reach €1.3m in first year of operating

World No 1 golfer Rory McIlroy’s image and marketing rights firm has recorded pre-tax profits of €1.37m in its first year of operation.

McIlroy’s Boywood Ltd recorded the profits after generating revenues of £1.4m (€1.75m) in the 12 months to the end of December.

Last year was a bumper one for 23-year-old McIlroy and his close friend, Graeme McDowell. Separate filings showed that McDowell’s Boyport Services Ltd saw its accumulated profits increase by £2m during the year to £3.53m.

They are both managed by Dublin-based Horizon Sports, and speculation continues to mount that it is in negotiations to net McIlroy a $250m (€192m), 10-year deal with Nike.

The deal would make the Northern Irishman one of the highest paid athletes in global professional sports.

The filings for Boywood Ltd — 100% owned by McIlroy — show that the principal activity of the British-based firm “is to market and turn to profit the name, fame, and image and marketing rights of sporting personalities”.

Revenues were made up of £1.16m in appearance fees and £247,222 in merchandising.

The filings do not include McIlroy’s tour winnings for 2011 — last year he became the youngest player to reach the €10m mark in earnings on the European Tour.

During 2011, McIlroy won his first Major after being the runaway winner of the US Open.

The accounts show that McIlroy’s parents, Gerry and Rosaleen, serve as directors on the firm.

At the end of December, the firm had cash totalling £799,375. Its main expenditure comprised of £281,305 in commission.

Boywood recorded after-tax profit of £843,206 after paying tax of £296,247. Directors did not receive any emoluments.

McDowell’s Boyport shows accumulated profits rising by £2m to £3.5m. This followed a fixed asset investment of £1.9m appearing on its books for the first time. Cash reduced from £1.64m to £1.58m.

Sport: McIlroy’s megadeal with Nike? Priceless.