Profits drop at Dublin-based football agency representing Ronaldo

New accounts filed by Gestifute International Ltd show that it sustained the decrease in pre-tax profits
Profits drop at Dublin-based football agency representing Ronaldo

Gordon Deegan

Pre-tax profits at the Irish branch of the football 'super agency', Gestifute, which represents Cristiano Ronaldo, last year declined by 8% to €25.22 million.

New accounts filed by Gestifute International Ltd show that it sustained the decrease in pre-tax profits as revenues declined by €2.9 million from €32.32 million to €29.38 million.

The Irish firm paid €20 million during the year in dividends to its shareholders. This followed the company paying out €25 million in dividends in 2019.

Super agent

Gestifute was founded by super agent Jorge Mendes who represents Ronaldo along with Roma manager Jose Mourinho and a host of other international players.

The principal activity of the Irish company is providing consultancy and marketing services to professional sports people and sporting organisations.

The directors state that the main business risk is the ability of clients to switch to other consultancy providers.

Forbes recently estimated Ronaldo’s 2021 earnings to be around $120 million - the third highest in the world amongst athletes- and in February, Ronaldo became the first person in the world to reach 500 million followers across Facebook, Instagram and Twitter.

Last year, Ronaldo became the first active team-sport athlete to surpass $1 billion in career earnings.

Separately, Forbes estimates Jorge Mendes 2020 earnings to be at $104 million stating that Mendes has negotiated more than $1 billion in active contracts.

Irish office

The Irish company has its registered office at One George's Quay Plaza, George's Quay in Dublin 2 and the directors state that the company plans to continue its present activities and current trading levels.

On the impact of Covid-19 on the business a note attached to the accounts states that management has considered the unique circumstances and the risk exposures of the company and has concluded that there is no significant impact on the company's position at 31 December 2020.

Gestifute International Ltd had accumulated profits of €44.87 million at the end of 2020 while its cash pile decreased from €6.29 million to €2.2 million.

The accounts show that the Irish company’s tax bill for the year totalled €3.15 million and the company recorded post tax profits of €22 million.

The company employed seven people and staff costs totalled €514,917.

One of the directors of Gestifute is Andy Quinn and a note attached to the accounts states that in 2020 €65,215 was charged by Andrew P Quinn and Associates where Andy Quinn is a director.

 

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