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BOD day Losses double at Brian O'Driscoll's app venture as rugby legend steps back from business

That is according to three new sets of annual accounts for Ultimate Rugby Ltd which show that the company last year recorded losses of €561,745 and this followed losses of €463,611 in 2019

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Former Ireland captain Brian O’Driscoll

Former Ireland captain Brian O’Driscoll

Former Ireland captain Brian O’Driscoll

Accumulated losses at rugby legend, Brian O’Driscoll’s rugby app venture have soared to €3.2m.

That is according to three new sets of annual accounts for Ultimate Rugby Ltd which show that the company last year recorded losses of €561,745 and this followed losses of €463,611 in 2019.

The 2019 loss followed losses of €539,273 in 2018 showing that accumulated losses have doubled over the three years from €1.62m at the end of 2017 to €3.2m at the end of December last.

Documents lodged with the Companies Office show that Brian O’Driscoll last year took a step back from the business when he resigned from the board of the company.

Capped 133 times by Ireland, O’Driscoll also reduced his percentage shareholding in the business last year.

At the end of December last, O’Driscoll had a 7pc share of the business compared to a 35pc share at the end of December 2019.

O’Driscoll’s business partner in the app, tech entrepreneur, Ray Nolan has financed the venture through loans and he increased his shareholding in the company from 45 per cent in 2019 to 88.7pc during 2020.

Previously, Mr Nolan has shown the Midas touch by turning a €130,000 investment into a €500m return on investment on Web Reservations International.

The Ultimate Rugby App and website - set up in 2012 - is a one stop shop for rugby fans across the world and contains the latest news, in-depth analysis, live access to every rugby tournament and 13,000 player profiles.

Mr Nolan has deep pockets and the accounts show that Mr Nolan’s RV7 Venture Holdings Ltd has provided €3.05m in loans to the company at December 31st last.

The loan bears an interest rate of 15 per cent.

A note attached to the accounts states that the company has received a letter of support from Mr Nolan indicating that he will be continue to support the company.

The note states that the director has a reasonable expectation that the company and group will continue as a going concern based on this continued support.

In a previous radio interview on the progress of Ultimate Rugby, Mr Nolan said at the time: “It is a great business. It is the biggest app in world rugby. We have got great opportunities ahead of us. It is a great space to be in.”

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Prior to the filing of the accounts with the Companies Office in recent days, Ultimate Rugby Ltd had last filed annual accounts in August 2018 for 2017.

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