Loans to MMA star Conor McGregor’s company have quadrupled in the past year

The mixed martial arts (MMA) star, Conor Gregor’s top promotional venture, has been gifted €35.83 million in “firepower” to help expand the star’s brand around the world.

New accounts filed by the Crumlin man’s McGregor Sports and Entertainment Ltd show the loan amounts provided to the company last year increased by €27.3 million from €8.52 million to 35, 83 million euros at the end of the year.

The EUR 27.3 million made available to the company last year contributed to the company’s liquid funds increasing from EUR 9.56 million to EUR 13.59 million.

The confirmation of the additional funds made available to the company follows a spokesman for McGregor’s Black Forge Inn pub and restaurant in Crumlin, who in recent days revealed plans to make McGregor’s Black Forge Inn brand “the best-known iconic Irish pub in the world “ to expand.

He said: “An example of this was our mega successful Black Forge Inn pop-up in Abu Dhabi for the Formula 1 Grand Prix.”

The spokesman said that “our notoriously generous owner, Conor McGregor” spared no expense “in bringing all the excellence that Ireland has to offer to our amazing pub”.

The investment in the pub last year alone amounted to 272,275 euros for the value of newly purchased motor vehicles for the company.

McGregor Sports and Entertainment Ltd is principally engaged in the production of online news content, advertising and support in the sports sector.

The firm has also spearheaded the fight for Conor McGregor to secure registration of the McGregor trademark across the EU.

The new accounts show that there was a negative swing of €824,953 in the company’s income statements from an accumulated profit of €608,590 at the end of December 2020 to an accumulated loss of €216,003 at the end of 2021.

The company’s loss last year followed a profit of €739,239 in 2020 and €533,621 in 2019.

According to the latest figures from Forbes, McGregor ranks 35th in its ranking of highest paid athletes in 2022, earning $43 million over a 12-month period.

McGregor has only been in the Octagon twice in 2021, losing each fight via technical KOs to Dustin Poirier in January and July.

McGregor is demanding massive paydays for his fights and getting even more from his pay-per-view sales.

McGregor Sports and Entertainment Ltd was formed in July 2014 to capitalize on the former plumber’s earning potential.

The accounts were signed on November 18th. Dee Devlin, McGregor’s longtime partner, is a director of the company, along with McGregor’s longtime friend Alan Geraghty, who also serves as managing director of McGregor Sports and Entertainment.

Management board salaries rose from €177,333 to €339,617 last year.

Regarding the company’s going concern status, a note accompanying the financial statements states that “the financial statements have been prepared on a going concern basis which assumes that the company will be in existence for the foreseeable future.”

The statement states that the directors have considered the business prospects of the company and all relevant aspects of the company’s funding position, including its ability to generate positive cash flow and/or obtain additional financing that may be required.

The statement concludes: “On this basis, the directors are satisfied that the going concern basis is reasonable.”

Last month McGregor Sports and Entertainment Ltd suffered a knock out in its plans to capitalize on the Conor McGregor brand across the EU.

This was followed by an EU agency, which answered Dutch firm McGregor IP BV’s objections to McGregor Sports and Entertainment Ltd’s application. allowed to register ‘Conor McGregor’ as a trademark for the sale of clothing, shoes and sportswear throughout the EU.

The Spanish Intellectual Property Office (EUIPO), based in Spain, rejected the trademark application after finding that there was “likelihood of confusion” on the part of the public between McGregor IP BV’s own trademark and the proposed “Conor McGregor” trademark.

McGregor Sports and Entertainment Ltd is now free to appeal the verdict.

https://www.independent.ie/business/irish/loans-to-mma-star-conor-mcgregors-firm-quadrupled-last-year-42177593.html Loans to MMA star Conor McGregor’s company have quadrupled in the past year

Fry Electronics Team

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