Revenues at Rory McIlroy firm almost doubles in 2022 to $37.66m

Revenues at the golf royalty earnings firm owned by golfing superstar, Rory McIlroy last year almost doubled to $37.66 million (€34.38 million).

New accounts show that the Dublin-based Rory McIlroy Management Services Ltd recorded pre-tax profits of $14.56 million (€13.29 million) as the business benefited from McIlroy’s form in 2022 that propelled him to the top of the golf world rankings.

The revenues for Rory McIlroy Inc of $37.66 million follow revenues of $19.72 million in 2021- an increase of $17.94 million or 91 per cent.

The pre-tax profit of $14.56 million followed the company that sustained a pre-tax loss of $2.35 million in 2021 - a positive swing of $16.9 million.

The pre-tax profit for the firm takes account of a non-cash write down of $15.7 million in McIlroy’s image rights during the year in accordance with accountancy rules.

The accounts disclose that the net cash generated by the company from operating activities totalled $20.47 million for 2022 compared to $12.88 million for 2021.

The in-form McIlroy was left disappointed during 2022 by missing out on the British Open on the last day to Cameron Smith, but buoyed by coming 2nd in the US Masters, McIlroy scored his biggest payday on the course in 2022, according to Forbes, with a record $26.7 million in prize money, including $18 million for claiming the FedEx Cup title.

Prize money and other such earnings are not part of the Irish company's revenue because they tend to be treated as income, and taxed accordingly by the country where the earnings are won.

The accounts show that cash funds at the McIlroy company increased from $12.08 million to $21.17 million.

The directors state that “golf’s popularity is rising, shown by the increasing number of players