Ronaldo's agent's Irish company records profits of €27.62m

business
Ronaldo's Agent's Irish Company Records Profits Of €27.62M
Jorge Mendes and his client Cristiano Ronaldo: Forbes estimates Mendes earnings in 2020 to be $104 million, say he has negotiated more than $1 billion in active contracts
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Gordon Deegan

Pre-tax profits at the Irish branch of the football 'super agency', Gestifute that represents Cristiano Ronaldo almost halved to €27.62 million in 2019.

New accounts filed by Gestifute International Ltd show that it sustained the large drop in pre-tax profits as revenues fell from €58.9 million to €32.3 million.

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Pre-tax profits declined by 47.6% from €52.7 million to €27.6 million in the 12 months to the end of December 2019.

The Irish firm paid €25 million during the year in dividends to its shareholders.

Gestifute was founded by super agent Jorge Mendes who represents Ronaldo along with recently appointed 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.

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

Ronaldo's fortune

Forbes recently estimated Ronaldo’s 2020 earnings to be around $105 million (€86 million) and the Juventus player is the most followed athlete on social media with Instragam followers topping 200 million in 2020.

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

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.

Gestifute International Ltd had accumulated profits of €42.8 million at the end of 2019, while its cash pile decreased from €7.9 million to €6.29 million.

The accounts show that the Irish firm’s tax bill for the year totalled €3.23 million and the company recorded post tax profits of €24.3 million.

The company’s controlling party is Start SGPS, a Portuguese-registered firm that is Mendes’s holding company for his businesses in sport.

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