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LIV golf star Graeme McDowell sees dividends tumble at his promotions firm

Dividends paid out at the golf promotions firm owned by LIV tour’s Graeme McDowell last year tumbled to $475,000 (£437,000) compared to $2.1million (£1.9million) the previous year.

New accounts for McDowell’s Boyport Services Ltd show the amount paid to shareholders last year were less than a quarter of those in 2020.

The total distributed in 2021 and 2020 follow dividend payouts of $1.42m in 2019 and $2.87m in 2018 – a total of $6.86m paid out over the four years.

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Accumulated profits at the company last year increased by $126,631 from $15.13m to $15.25m.

McDowell has been the focus of criticism concerning his decision to sign up to the controversial new Saudi Arabia backed golf tour.

Upon joining the 43-year-old Portrush man said: “It’s financially a great opportunity for me and my family. It’s about being sick of finishing 150th in the FedEx and banging my head against the wall on the PGA Tour.

“It’s hard. It’s hard every week. You know, I paid my dues. I’ve done the right things for 20 years of my life, and now I want to go and make some money in a fantastic opportunity.”

The new accounts show that the cash pile at McDowell’s firm last year increased marginally, rising by $99,139 from $3.239m to $3.338m. The value of the firm’s investment properties last year increased by $2.4m from $2.3m to $4.7m as reconstruction continued on a holiday home owned by the 2010 US Open winner on the Abaco Golf Club estate on the island of Grand Abaco in the Bahamas. It was flattened by Hurricane Dorian in September 2019.

The value of the reconstruction in 2021 is put at $2.4million. On the impact of Covid-19, a note attached to the accounts that the pandemic impacted on the market in which the company operates.

The note states “however, the company has continued to trade satisfactorily.”

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