Monday, 30 November 2009

Tis' the season for non golf related golf stories...

And as if it's not bad enough that Tiger's embroiled in a media scandal, reports are now being made that Padraig Harrington has lost millions on an investment in a technology company gone badly awry. Padraig has long had connections with Irish financier Dermot Desmond - a man richly involved in the world of sport through his horse-racing ventures, has been a shareholder in Man United and owns roughly a third of Celtic Football Club (three of Irelands greatest sporting passions covered there!) and it's with Desmond that this investment was reportedly made.

They are said to have made a total investment of stg£21.8 million into U4EA Technologies in Britain over several years. However, U4EA went into administration in July.

What proportion of this investment was Harringtons is unclear but it seems he would have taken a significant hit. It's likely that Desmond would be the larger investor - he is currently 4th on the Irish Rich List and could probably stand to lose a bit more than Padraig.

Harrington has been dogged with speculation recently that he has lost money both when the Bernie Madoff and Allen Stanford revelations came to light, which seemed to have no real foundation. He did say at the time though that he had actually been lucky to have signed the sponsorship deals he has, at the time he did, as they are now looking very favourable in the current economic climate. With the amount of advertising that has been featuring the world number four recently, along with the not insignificant prize money he's accumulated, I think he may be alright to weather this storm. I very much doubt he put all his eggs into this one particular basket.

Even if he is in Dire straits, yer man Desmond should be good for a few quid in a tight spot...

I just hope that as with Tiger, trouble in his personal life does not effect his game on the course, just when he's been rediscovering the form which made him a major winner.

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