Mixed martial arts (MMA) star, Conor McGregor’s main promotions company has been provided with €35.83m in ‘fire-power’ to expand the star's brand across the world.
New accounts filed by the Crumlin man’s McGregor Sports and Entertainment Ltd show that last year amounts provided to the firm in loans increased by €27.3m from €8.52m to €35.83m at year end.
The €27.3m made available to the firm last year contributed to the company’s cash funds increasing from €9.56m to €13.59m.
Read More: Conor McGregor may not return until August as drug-testing row continues
Confirmation of the additional funds made available to the firm follows a spokesman for McGregor’s Black Forge Inn pub and restaurant in Crumlin revealing in recent days plans to expand McGregor’s Black Forge Inn brand “to be the most well known iconic Irish pub in the world”.
He said: "An example of this was seen by our mega successful Black Forge Inn pop up in Abu Dhabi for the Formula One Grand Prix.”
The spokesman said that “our notoriously generous owner, Conor McGregor” had spared no cost “in bringing all the excellence Ireland has to offer to our amazing pub”.
The investment in the pub included €272,275 put on the value of newly purchased motor vehicles alone for the company last year.
McGregor Sports and Entertainment Ltd is primarily engaged in production of online news content, promotion and endorsements in the sporting sector.
The firm has also been leading the Conor McGregor battle in seeking to register the McGregor brand throughout the EU.
The new accounts show that there was a negative swing of €824,953 in the firm’s profit and loss accounts from an accumulated profit of €608,590 at the end December 2020 to an accumulated loss of €216,003 at the end of 2021.
The loss last year at the company followed the company recording profits of €739,239 in 2020 and €533,621 for 2019.
According to the latest figures from Forbes, McGregor is ranked 35th in its 2022 top highest earning athlete rankings, earning $43m over a 12-month period.
McGregor was in the Octagon only twice in 2021 when he lost each bout in January and July to Dustin Poirier via technical knockouts.
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 accounts were signed off on November 18th last. McGregor’s long term partner, Dee Devlin is a director of the company along with long time friend of McGregor, Alan Geraghty who also serves as ceo of McGregor Sports and Entertainment.
Directors’ pay last year increased from €177,333 to €339,617.
Addressing the firm’s going concern status, a note attached to the accounts states that “the financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future”.
The note states that the directors have considered the company's business prospects and all relevant aspects of the company’s financing position, including its ability to generate positive cash flow and/or obtain any additional funding that may be required.
The note concludes: “On that basis, the directors are satisfied that the going concern basis is appropriate.”
Last month, McGregor Sports and Entertainment Ltd suffered a knockout blow in its plans to cash in on the Conor McGregor brand across the EU.
This followed an EU agency upholding the objections of Holland based firm McGregor IP B.V. against McGregor Sports and Entertainment Ltd's application to register 'Conor McGregor' as a trademark for the sale of clothing, footwear and sportswear across the EU.
In its decision, the Spanish based EU Intellectual Property Office (EUIPO) rejected the trade mark application after finding that "there is a likelihood of confusion"on the part of the public concerning McGregor IP B.V.'s own trade mark and the proposed 'Conor McGregor' trademark.
It is now open to McGregor Sports and Entertainment Ltd to appeal the ruling.
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