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dj876
17 Jan 14 17:03
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Date Joined: 01 Jul 10
| Topic/replies: 21,252 | Blogger: dj876's blog
BILLIONAIRE JP McManus has called time on the country's biggest charity fundraiser, his pro-am golf event, with the country's tax residency laws cited as a major sticking point.

Recent changes to the laws limit the time he can spend organising the star-studded spectacular while in Ireland.

Mr McManus -- who runs his hugely successful business and is a tax resident in Geneva, Switzerland -- must spend less than 183 days a year in Ireland, or 280 days over two years. This limits the amount of time he can spend organising the high-profile charity tournament.

The pro-am brought the world's best golfers and A-list stars to Limerick every five years, and raised over €100m for charities, but will not go ahead next year.

The first event in 1990 was a far more modest affair than the last in 2010 -- which was attended by Tiger Woods, Michael Douglas, Catherine Zeta Jones and Samuel L Jackson and raised €43m for charities.

The decision to end the invitational tournament at Adare Manor is understood to have been made in recent days by Mr McManus (63) after he held meetings with close associates involved in its running.

RARE

The pro-am quickly established itself as the biggest single fundraising event for charity in the country. In Mr McManus's native Limerick, the two-day event reached legendary status as hundreds of organisations and groups benefited.

However, it has now emerged that the 2010 event, which saw 80,000 travel to Adare to catch a glimpse of Tiger Woods in a rare public appearance following his marriage collapse, was the last pro-am.

Speaking to the 'Limerick Leader' just over a year ago, Mr McManus indicated that the country's tax residency laws would influence any decision he made. "It takes an enormous amount of time and now we have less time than we had a few years ago -- the rules have changed.

"It used to be nights in the country -- now it's days. So if I come in at 7pm and go out at seven in the morning that counts as two days here."

He denied he was a 'tax exile', saying: "For me a tax exile is somebody who leaves the country in order to avoid paying a particular tax that was due in the country.

"If you leave the country and you don't want to come back -- you don't want to do anything here -- then you're an emigrant.

"If you go abroad and do well and you decide you want to come back, you're an exile. But people think differently on these things," he said.
Pause Switch to Standard View JP cancels PRO-AM
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Report norn iron January 17, 2014 5:11 PM GMT
DJ THANKS FOR INFO MOUNT COLAH  . THAT IS BAD LOSS TO ECONEMY FOR EVERYONE INVOLVED
Report kavvie January 17, 2014 5:23 PM GMT
huge loss for the adare area where i it was held .hotels bars b and bs  etc..
Report Vubiant January 17, 2014 5:27 PM GMT
Find this hard to believe.
The communication potential available today make it very easy to organise things from distance and reduce the need for face-to-face contact.
Plus,the operation has been mounted many times so just a matter of getting the back-up team in place to repeat the process-mutatis mutandis.
Report dj876 January 17, 2014 5:29 PM GMT
This article from the Ind.is badly written as a lot of it refers to replies that were made from JP in past interviews and I'm not sure that these can be directly attributed to the reason for cancelling it (open to correction here just surmising).I am not sure JP would get much sympathy if he is using this as leverage what he believes is unfair treatment.(but applies to all)
Report kavvie January 17, 2014 5:36 PM GMT
vub i got an ng in latin in my inter so i dunno what ur last bit means!!
Report callitasucit January 17, 2014 5:46 PM GMT
^^^Grin
Report Vubiant January 17, 2014 5:46 PM GMT
No prob kavvie -it means 'changing what needs to be changed'. Sometimes a Latin formula offers a short snappy way of saying something -you can say a good deal with just two words.

What I meant was that the set-up of another pro-am would follow familiar lines -the broad structure being the same and only the details differing i.e. players , dates etc.
Given the availability of event organisers for everything nowadays -if J P really wanted to do this surely he could make it happen. Maybe he's just getting too old for this kind of thing.
Report kavvie January 17, 2014 5:56 PM GMT
agree with you vub...
Report Ozymandius January 17, 2014 6:02 PM GMT
Greaser wishes to offer the following plea for leniancy;

absentem laedit **** ebrio qui litigat
Report Ozymandius January 17, 2014 6:03 PM GMT
c u m
Report kavvie January 17, 2014 6:10 PM GMT
veni vedi vici   nauta nauta nautam!!
Report mrcombustible January 17, 2014 7:00 PM GMT
As Vubiant says this is a lame excuse.
Report The Gotchee January 17, 2014 10:06 PM GMT
I can't understand all this fawning over someone like McManus. He was shown up,along with his close associates, for what he is, in the Glacken Report.  A leopard doesn't change his spots.
Report paulie wallnuts January 17, 2014 10:10 PM GMT
he should get mark walsh.....alan crowe.....and a few others to organise it.....they might be good at that kind of thing.....
Report Arklearkle January 18, 2014 12:43 AM GMT
I like that "it was a lame excuse" or perhaps "he made a sound"!
Report olddesperado January 18, 2014 2:33 AM GMT
imo he spends more than he takes out but wouldnt we all love to play god and dish out our tax as we seen fit,

As said lame excuse and not the reason unless he was looking for an out
Report mexicano January 18, 2014 9:41 AM GMT
i think it's interesting that he dosen't regard himself as a tax exile.
Report lingbleed January 19, 2014 12:37 AM GMT
maybe it has something to do with the recent bad press about charities ,maybe they were at it as well and don't want anyone going through there book's , as i believe its all going to be regulated now , them lads don't show any one there cards
Report lingbleed January 19, 2014 12:38 AM GMT
*those lads*
Report lustrumm January 19, 2014 12:03 PM GMT
Not in the case of JP. I would be a critic of his but the money he has dug up for Charities in the Munster area is without precedent. There is not a charity in the area that has not gotten thousands and thousands due to his donations. He is without peer in this area of his life
Report The Gotchee January 19, 2014 1:52 PM GMT
Where can we get a list of these charitable donations?
Report Tolmi January 19, 2014 1:56 PM GMT
I wonder would the embarrassing display of banditry given by the winning trainer of the 1.50 and the other winning teams have anything to do with it?
Report silvergreaser January 20, 2014 4:53 AM GMT
I'd give to many charities too if I could afford to be a tax exile and buy horses out of the pocket money.

I wonder how charitable he would be if his money was paying what he owes to this country instead of exploiting a lucrative loophole?.
Report Arklearkle January 20, 2014 4:10 PM GMT
Hear hear Silver many of us could have a horse or two if we paid no tax.
Report kavvie January 20, 2014 6:53 PM GMT
my view of jp in comparason to paye payers.he chooses what charitys he gives his "tax" to.mine goes to german banks.i got no choice.paye.prsi.and the lovely named usc( universal social charge).all go to the faceless germans.whereas jp can give it to charitys around ireland.good on ya jp i say..
Report The Gotchee January 20, 2014 8:14 PM GMT
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Report paulie wallnuts January 20, 2014 10:14 PM GMT
JP has done lots for loads of charities......and should be applauded......his charity doesn't just stop at the sick and the needy......he employs jockeys that nobody else wants.....and uses trainers that nobody else would either......fair play to the man I say......
In the exact opposite to some other big owners.....winning isn't everything to him......it couldn't be.....because if it was....then he wouldn't have some of the staff that he does.....
Hes a great man of the people.....and never forgot his roots.....an example of such is his racing silks.....when others like magnier changed theirs.....and bought classy ones.....jp's were the colours of his hurling team.....and even though they are horrible colours......and no matter how many times you see them.....they will never be nice.....he never ever changed them......fair play again.....
Report maxheadroom January 20, 2014 10:29 PM GMT
Actually WE pay some of our taxes to mcmuckness seeing as he is one of the bondholders.and some our taxes go towards irish racing while they get tax breaks at every turn. and i'd bet a lot of these charties have politicans and there mate on the payroll. btw how on earth was mcmuckness advising on the bank guarentee when he had a vested interest in not losing on his investments.
Report maxheadroom January 20, 2014 10:31 PM GMT
oops also forget his dodgy invertment in nursing home where the elderly were getting beat up like one of his nags when the money was down.
Report Vubiant January 21, 2014 1:47 PM GMT
Good points max.
'Charity' is a convenient veil to cover a multitude of less endearing characteristics ( to put it very mildly)
Report Clerkmore January 21, 2014 2:53 PM GMT
There are a lot of begrudgers on here!
Report pa lapsy January 21, 2014 3:09 PM GMT
www.independent.ie/irish-news/jp-mcmanus-foundation-gives-33m-to-charity-in-six-years-29544471.html
Seems to me to put his hand in his pockets to help particulary his (unfortunate) own, Bono who is in a similar position to Mcmanus doesn,t, as JP might say contribute a "fiddlers fart" to anybody.
Report Ozymandius January 21, 2014 3:54 PM GMT
JPs charitable contributions detailed above are largely funded from the Pro-Am event.

If you were to ascribe, say, just the Red campaign to Bono's personal charitable donations, I think you would find they are very substantial.  The difference being Bono doesn't make press relases in the Indo so that people think he is a great fella.  He gets on with making real difference to people who need it the most, i.e. he does not curry favour with local GAA clubs.

Bono has supported the following charities:

46664
ALAFA
Amnesty International
Charity Projects Entertainment Fund
Chernobyl Children's Project International
Clinton Global Initiative
DATA
EDUN
Every Mother Counts
Food Bank For New York City
Global Fund
Greenpeace
Keep A Child Alive
Live 8
Make Poverty History
Mencap
Millennium Promise
Millennium Villages
Mulago Positive Women’s Network
MusiCares
Music Generation
NAACP
Not On Our Watch
ONE Campaign
Oxfam
(RED)
Red Cross
Simon Community
The Lunchbox Fund
UNICEF
UN Millennium Project
War Child
Water.org
Wildlife Conservation Society
Witness
Zero Hunger
Report Ozymandius January 21, 2014 3:58 PM GMT
Or, according to Old Pa Lapsy, 'a fiddler's fart' Plain
Report pa lapsy January 21, 2014 4:10 PM GMT
Bono,s One foundation received £9.6 million in donations in 2008 and gave out less than 1.2% (£118,000) to actual good causes an impressive list but that one for his particlar foundation doesn,t make pretty reading." A fiddlers fart" of the total raised was given out.
Report pa lapsy January 21, 2014 4:20 PM GMT
You might also find you how much of that £9.6m went on salaries,but ah shure i suppose thats an Irish thing.
Report Ozymandius January 21, 2014 4:20 PM GMT
That's typical uninformed Bono bashing that one would expect to find somewhere like the Daily Mail.

The One Foundation was never about giving money away.  It is about creating awareness and campaigning for change in policy, the impacts of which go far and beyond those of mere direct handouts.  That's the modern more effective way.
Report lustrumm January 21, 2014 11:34 PM GMT
JP is a Tax exile and that is not going to change. He is a Billionaire now (having got 2 Billion off Sean Quinn as the other side of the ANGLO punt that the mighty Quinn had) and that is not going to change either.
He doesn't have to give to charity and there are plenty of guys in Ireland that had plenty of twine and never gave a shilling to charity.

My nephew has Down's Syndrome and my Sister is on the board for them (works for free in case you ask) and she tells me JP is the go to person if they need money for anything. He has a whole team of people employed to manage the Charity money.
Report reb January 22, 2014 2:56 PM GMT
lustrumm, can you explain your statement above that JP "got 2 Billion off Sean Quinn as the other side of the ANGLO punt that the mighty Quinn had " ?
Report wildmanfromborneo January 24, 2014 10:50 AM GMT
Bono is our greatest hypocrite.
That list of alleged charities that he didnt even give to just supported show him up,is there a genuine charity on that list.

This preaching tax dodger made money from charity,he and Bob Geldof demand money from the poor,collect it then give it to their cause whilst being applauded by the gullible,they never donate any of their own billions.
Report lustrumm January 25, 2014 11:07 AM GMT
He was the other side for most of the money Quinn punted in CFD on Anglo. For every punter there must be a layer and vice versa. The more money the night Quinn put up the more ready McManus was for him.
By all accounts it is this money that has propelled him into the Stratosphere and as I have it he is the wealthiest man in Ireland by quite some distance at this stage
Report Ozymandius January 25, 2014 11:36 AM GMT
is that speculation on your part, Lustrumm. Or do you know for a fact?
Report dj876 January 25, 2014 1:29 PM GMT
A bizarre statement to state that McManus is by far the wealthiest man in Ireland .It is widely recognised that Dennis O'Brien  has a net worth of between €4 Billion and €5.5 Billion,McManus's net worth is believed to be in the range of €500 million and €1.1 Billion.Although there is obviously a subjective nature to these net worth valuations,there is considerable financial resources utilised in compiling global lists such as the Forbes list.

Jp's recent investments and deleveraging of  assets would not suggest that he increased his wealth at all over recent years since financial crisis.Suggestions that he increased his net worth by €4 Billion in recent years would seem preposterous considering investors such as George Soros and Warren Buffett (both investors have a net worth 50 times greater than JP)would have struggled to match that.

In 2006 Capital Lydian Patrners (a Swiss investment vehicle used by Magnier,Brosnan,Desmond and Mcmanus) purchased Castlebeck for €316 Million,after a disastrous Panorama programme,this was offloaded in 2012 with debts of €412 million for a minute percentage of the initial investment.

McManus and Magnier bought a 20.1% stake through their Elpida investment vehicle in pub group Mitchell and Butlers at €6.00 per share,they have recently had a very public fallout with fellow investor Joe Lewis (former close ally and successful currency trader),their equity stake in M+B is trading at a 35%  discount to their initial investment.

They also made a disastrous investment in Ladbrokes (hardly any conflict of interest with laddies buying ****) having built up a stake worth 7% or €397 million at €3.26 which are currently trading at €1.60.

To balance that he made €130 million from his stake in Man.United in 2005,€33 million from his stake in standard Chartered bank in 2006,€18 million from L+r (a property firm).He is also considered to have been more successful with his currency investments (such as the devaluation of the Peso in the early 90's which is widely recognised as the key catalyst in his career)than his equity investments. Although it is difficult to take Jp's interviews at face value,he has stated in numerous interviews that he suffered larger losses than most during the financial crisis and a glance at his recent  investments would verify this.
Report Tolmi January 25, 2014 2:58 PM GMT
I have it from a source that I would consider impeccable that the public estimates are of his wealth are so far out as to be laughable.I have no way of proving it nor do I have a clue as to his current worth but I would be confident that lustrumm is correct.
Report lustrumm January 26, 2014 12:25 PM GMT
I know I am correct and while dj is to be lauded for his long post his information is 10 years out of date. Another point that people miss is that Denis O'Briens wealth is primarily a paper net worth where as McManus's is primarily cold blood (or at least easily converted to cash)

We all saw an example of Denis O'Briens money when he had to have 300Million written off by the Irish Taxpayer for his power surge in the media (Independent)
Report dj876 January 26, 2014 1:06 PM GMT
10 Years out of date?
They sold their Castlebeck stake in 2012.
They still currently maintain their equity in Mitchell and Butlers.
They also still maintain their investment in Laddies.
The row with Joe Lewis is recent and certainly will have ramifications.

With respect stating that JP was on the other side of Sean Quinn's CFD transaction is pure speculation and is bar stool gossip unless you're a close confidant?
Report Ozymandius January 26, 2014 1:23 PM GMT
^ agreed
Report richters January 26, 2014 1:27 PM GMT
Just ask the members of staker wallace Gaa club in limerick what mr mc manus has done for them......and anyone on here that travels,the next time you are driving between kilmallock and tipp town just take a look at the excellent state of the art facilities he has provided for them,granted he did recieve 2.5 acres of the former gaa grounds for his new entrance but still....this is FACT and not google researched....FACT i say....i deal in FACTS.....
Report Ozymandius January 26, 2014 1:30 PM GMT
nobody is questioning the fact that he donates to charity and the local GAA, richeters.

what sort of illiterate are you?  Can you not follow the thread?
Report richters January 26, 2014 2:00 PM GMT
ozy where did i contradict anything said on the thread,the point that i make is deal in facts,ie stuff that you personally know is true and not that which you read on the laptop that you are quite sickeningly obviously glued to....in a nutshell....you need to get out more ozy....
Report Ozymandius January 26, 2014 2:03 PM GMT
where did i contradict anything said on the thread

You still don't get it?  Next thing you will be informing us that the sky is blue.
Report richters January 26, 2014 2:35 PM GMT
i simply made a statement about j.p which i personally know to be the truth.......i havent commented on his quinn dealings or his tax details becuase i simply dont know......and neither do you other than what you have read on google......
Report Ozymandius January 26, 2014 2:49 PM GMT
thanks for that insightful revelation, Dickie,  it added a great deal to the debate at hand.
Report richters January 26, 2014 2:56 PM GMT
as did your google copy and pastes walter......what do you do in the case of a power cut just of a matter of interest when you have no access to a computer.
Report freddiek January 26, 2014 3:13 PM GMT
hey Ozy look whats hitting the cinemas shortly. your life story

http://www.rappler.com/entertainment/movies/48864-the-secret-life-of-walter-mitty-review-inspiration-illusion
Report Kelly January 27, 2014 3:08 AM GMT
Aside from speculation about relative wealth and charity donations from various sources , the underlying effect is a big loss to the economy and to Irelands profile in world terms .  You cherish your successful people , you dont make it  more difficult for them than necessary.

While you dont want to create a situation as in Di Caprios latest movie ( Wolf something , the guy ripped off fortunes from investors and has paid back buttons and travels the world  ---its the American way! ) , JP is not a law breaker , and a lot of people in Ireland and England owe a large part of their livelihoods to him currently.

A suggestion to JP  , 2 airports in NI, no border passport stamping . The foreigners have it sussed , the late night airport buses are populated substantially by late night arrivers from parts foreign  , cross bordering .  Its the EEC way !
Report brain dead jockeys January 27, 2014 5:33 PM GMT
if JP made 2 billion from teh anglo quinn punt i can guarantee you it would be all over the politically correct press here and given he is also a tax exile, they would be out in their droves biting at him.
absolute tosh i reckon...............how do guys come out with this stuff
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