McIlroy's split from Horizon puts management company into the red

Rory McIroy’s management company enjoyed a five-fold increase in revenue last year, but his split with Horizon Sports meant they remained in the red.

New accounts show Rory McIlroy Management Services Ltd recorded pre-tax losses of £13.5m, according to the Belfast Telegraph.

The accounts refer to the presumed £20m settlement with Horizon early in 2015, but do not provide the cost, with a directors’ note stating “the terms will remain confidential, save where disclosure is required by law”.

The accounts show the firm’s administrative expenses last year were £30m compared to £4.75m in 2014.

Directors said "income levels were strong and in line with expectations".

The brand has a book value of £317m, largely thanks to Nike entering into a reported £200m 10-year deal with McIlroy.