FitzPatrick wrote off sports agency interest

Former Anglo Irish Bank chairman Sean FitzPatrick wrote off a €48,000 investment which he made in Fintan Drury’s Platinum One sports management agency five years ago, a report by Killarney accountants O’Connor Kelliher & Treacy into FitzPatrick’s property and business interests has shown.

FitzPatrick also invested €857,000 in Galway-based Porto Media, which produces high-speed memory cards for downloading and storing movies. In all, FitzPatrick wrote off €17.5 million on his investment portfolio, the report prepared for his failed bid to win bankruptcy protection indicated.

Legal notices run by O’Grady’s, solicitors for the bankrupt, in today’s newspapers state that FitzPatrick must attend a High Court sitting on July 26th to make full disclosure of his property interests. Anyone owing money or other property to the said bankrupt are responsible for such debts.

FitzPatrick was adjudicated a bankrupt by the High Court on Monday at his own request. His statement of affairs showed his total debts amount to almost €148m. His assets, in terms of investments and property, are currently valued at €51.2m, leaving a deficit of almost €97m.

Platinum One has staged various high profile events in the past, not least the visit of Real Madrid to Dublin last year. The famous Spanish club trained at Carton House in preparation for a match against Shamrock Rovers at the new Tallaght Stadium for Cristiano Ronaldo’s debut.

The agency is handling the Lough Erne Challenge golf tournament with Rory McIlroy, Padraig Harrington, Darren Clarke and Shane Lowry next week and will bring the La Liga side Villareal to Ireland for a friendly against Athlone Town in the midlands on July 24th.

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