Business

Profits at Irish arm of football super-agency top €35m

Jorge Mendes’s Gestifute involved in some of the biggest transfers in the game

Darwin Nunez of Liverpool is a key client of Jorge Mendes. Photograph: Matt McNulty/Getty Images

Gordon Deegan
Mon Dec 18 2023 - 17:14

Pre-tax profits at the Irish business of so-called football super agent Jorge Mendes last year surged by 40 per cent to €35.2 million.

New accounts filed by the Dublin based Gestifute International Ltd show that it recorded the €10 million jump in pre-tax profits as revenues increased by 29 per cent from €30.03 million to €38.86 million.

The firm last year paid a dividend of €29 million. This followed a dividend of €20 million paid in 2021.

Gestifute was founded by Mendes, who split with his most prized client, Cristiano Ronaldo, last year after a long association together.

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However, Mendes and Gestifute last year profited from commissions from a number of high-profile transfers in 2022 and the firm’s rise in revenues and profits coincided with Premier League clubs spending a combined £1.9 billion (€2.2 billion) during the 2022 Summer transfer window.

Footballers represented by Gestifute were the subject of some high-profile deals. They include Mendes client Darwin Nunez’s £85m club-record transfer from Benfica to Liverpool.

Mendes - whose clients also include José Mourinho - was also involved in João Palhinha’s move to Fulham from Sporting Lisbon for £20m in the 2022 Summer transfer window, and Palhinha’s transfer value has multiplied since.

Mendes also received a sizeable commission from the €35 million deal that took Fábio Vieira from Porto to Arsenal in Summer 2022.

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

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 €48.7 million at the end of 2022 while its cash pile increased marginally from €9.1 million to €10.8 million.

The accounts show that the Irish firm’s tax bill for the year totalled €4.26 million and the company recorded post-tax profits of €30.95m.

One of the directors of Gestifute is Andy Quinn. A note attached to the accounts show that in 2022 €10,671 was charged by Andrew P Quinn and Associates, where Andy Quinn is a director.

The company employed nine people made up of three directors and six in administration and last year staff costs increased from €615,096 to €666,085.

Pay to directors last year totalled €256,894.

Gordon Deegan

Gordon Deegan

Gordon Deegan is a contributor to The Irish Times

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