The cash pile at the main Irish company of mixed martial arts superstar, Conor McGregor last year soared to €9.56 million.
New accounts for McGregor Sports and Entertainment Ltd show the company’s profit and loss account last year recorded a positive swing of €739,239.
The company had accumulated profits of €608,590 at the end of 2020 and this followed the company having an accumulated loss of €130,649 at the end of 2019.
Cash injection During 2020 the company received a €9.5 million cash injection.
At the start of 2020, the company’s cash funds totalled €38,555 and this increased to €9.563 million at the end of last year.
The increase in cash coincided with McGregor topping the Forbes list of being named the highest paid athlete in the world for 2020/21.
Forbes estimated that in the 12 months to the end of May of this year, McGregor is estimated to have earned $180 million (€154 million).
The figure includes $158 million from endorsements and the sale of the majority stake of his whiskey brand.
From losses to profits The profit at McGregor Sports and Entertainment for 2020 followed a profit of €533,621 for 2019 and losses of €309,462 for 2018 after losses of €470,923 in 2017.
The accounts state that the principal activity of the company is promotion and endorsements in the sporting sector along with the production of online news content.
During 2020, the 33-year-old Crumlin man made only one appearance at the Octagon when he fought Donald Cerrone in January and won the bout through a technical knock-out.
The Dubliner announced his retirement from the sport in June 2020, but he returned to the Octagon earlier this year.
Pay-days McGregor fought Dustin Poirier twice this year and in the latest bout in July lost the fight via technical knockout in round one, after the ringside doctor stopped the fight when McGregor broke his tibia.
McGregor commands massive pay-days for his bouts and receives even more from his slice of pay per view sales.
McGregor Sports and Entertainment Ltd was only established in July 2014 to exploit the former plumber’s earning potential.
The new accounts – approved by the company’s directors on Monday of this week – show that the amount owed by the company to creditors increased from €3.4 million to €8.5 million in 2020.
At the end of last year, the company’s had €4.32 million in assets under debtors and pre-payments.
Directors McGregor’s long term partner, Dee Devlin is a director of the company along with long-time friend of McGregor, Alan Geraghty.
Directors’ pay last year increased from €108,000 to €177,333.
On Ms Devlin’s role in his career, McGregor has said previously: “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.”
Last year, McGregor Sports and Entertainment lost out on a bid to cash in on McGregor’s brand across the EU.
This followed the Boards of Appeal at the EU brand registry throwing out McGregor’s appeal against a decision by the registry to reject the name ‘Conor McGregor’ as a trademark for the sale of clothing across the EU.
McGregor’s bid to register his name was opposed by a Dutch based firm, McGregor IP B.V and the decision came at the end of an almost four year ‘brand war’ between the two companies at the EU Intellectual Property Office (EUIPO).