Accumulated profits at the management company owned by Ireland’s leading rugby star, Johnny Sexton, last year soared to €1.84m.
In a bumper year for the company, Sexton’s JAS Management and Promotions Ltd recorded profits of €245,875 in the 12 months to the end of September 30, 2018.
The profit last year represents an eight-fold increase on the modest profits of €28,719 recorded in 2017.
The cash accumulated at the business last year increased from €1.246m to €1.352m – an increase of €106,576.
The value of the company’s financial assets increased from €376,773 to €536,557.
Sexton sits on the board of the firm with his wife, Laura and aggregate pay to directors last year decreased from €150,864 to €114,587.
Sexton – who turned 34 last month – was a relative late-comer to the international scene and has been making up for lost time in the commercial world.
The €1.84m in accumulated profits at Sexton’s firm compares to accumulated profits of €476,099 at the firm at the end of 2014.
Sexton is currently training with the Irish rugby squad as they prepare for a tilt at the upcoming World Cup in Japan.
Currently, Sexton’s off-field commercial deals are being guided by Conor Ridge’s Horizon Sports where the firm’s other high profile clients include Open winner, Shane Lowry and Munster and Ireland’s Peter O’Mahony.
The Dubliner is the most successful current Irish player from a playing and commercial point of view, but he has some way to go to match the commercial success of his retired Leinster and Ireland team-mate Brian O’Driscoll whose main firm enjoyed profits last year of €596,006 to result in accumulated profits of €6.55m.
Sexton set up his firm in 2010 and is one of a number of rugby players with their own management companies to handle earnings from commercial ventures such as sponsorships and image rights.
Sexton is in no hurry to retire as he has declared his aim to be part of the Lions tour of South Africa in 2021.
However, when he does retire, Sexton will be able to avail of the Government’s scheme for retired sports stars that allows them to claim back a 40% tax deduction on their gross earnings from sports activity over a 10-year period.
That includes wages and match bonuses, but does not include sponsorship money, payments for writing media columns or fees for appearing in advertisements.
The scheme costs the Government €300,000 per annum to operate.
Source: Business News