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Tuesday
Nov282017

"Rory firm's $105m loss after rights write-down"

I haven't a clue what this means, but Gordon Deegan briefly explains why Rory McIlroy's in-house management firm took a massive $105.4 million (€88.3m) write down in 2017.

The paper loss stems from a non-cash writedown of $99m in the value of McIlroy's lifetime image rights.

The Northern Ireland golfer is unlikely to be too perturbed with the loss, with 'Forbes' magazine last year estimating that he earned $42.5m in 2016 - broken down between $35m from endorsements and $7.6m in winnings.

Deegan goes on to explain the finances of McIlroy's firm which presents far-fewer jaw dropping lines as the write-down.

Rory named his ownself as manager/agent to Rory in 2013.

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Reader Comments (4)

6 employees including 3 " directors "? What, no Vice Presidents ? Directors paying themselves 700k leaves the other 3 to divide 1.1m between them ? Think Rory might be overpaying maybe ?
11.29.2017 | Unregistered Commenterdavidy48
They are playing around with UK GAAP. I don’t see this ending well for Rors and his mates unless this is some real life Brewster’s Millions...
11.29.2017 | Unregistered CommenterMJR
This is tax shenanigans. Simply Greed.
However one interesting point in it all is the lower value of his lifetime image rights - that is an area where there would be lots of agreement. Turns out that playing rarely and doing it poorly when you do play, will eventually make people wake up and realize you're not all that after all. Nike should be working on trying to get some money back - from both him and Jason Day.
11.29.2017 | Unregistered CommenterPress Agent
I agree, MJR. Seems they need some help with "straight-line depreciation".
11.29.2017 | Unregistered CommenterFC

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