Dermot Desmond
Desmond was educated at Scoil Mhuire, Marino and later studied at Good Counsel College in New Ross. He is also a Non - Executive Director of the club.The company quickly purchased an E - Commerce license from the EU and it experienced rapid growth over the following years. It was briefly a member of the FTSE 100 and had a market Capitalization of £4.5 Billion.
McManus, Desmond purchased the luxurious 5 star Barbados resort Sandy Lane Hotel. His time there was short lived as the bank withdrew its staff shortly afterwards following the Soviet invasion.
Companies that are controlled through IIU include BETDAQ (an international betting exchange) and DAON (a biometric enabling technology company). At the age of 6, the family uprooted from the area and moved to Dublin s northside, Beaumont district.
Desmond sold the company to Ulster Bank in 1994, which at the time was part of the National Westminster Group, for a reported £39 Million. It is a private equity firm and the primary investment vehicle for Desmond.
He moved on and accepted positions first in the Investment Bank of Ireland and then as a banking consultant for Price Waterhouse Coopers. It is believed to be loss-making at present. Desmond owns roughly 37% of Scottish Premier League football club Celtic FC.
However the subsequent economic downturn has reduced the value of Desmonds holding in the bank significantly. Desmond owns a stake in Toronto mining company Mountain Province Diamonds that is valued at £25 million. The Company s sole asset is the Gahcho Kue Diamond Mine Project. In 2007 Dermot Desmond purchased a 51% controlling stake in Swiss-based private jet-leasing firm Execujet.
Desmond sold London City Airport in October 2006 for a reported £1.2 billion to a consortium consisting of insurer AIG, GE Capital and Credit Suisse. BETDAQ is the trading name of Global Betting Exchange, a betting exchange operator based in Ireland. He invested in the bank as a result of being very impressed with its management team and capital structure.
Subsequently as a result of Natwest s takeoever in 2003 by RBS, NCB was bought out by its management with the support of Billionaire businessman Sean Quinn who is believed to now control 25% of the company. International Investment & Underwriting (IIU) was founded in 1995 by Dermot Desmond. The Hotel underwent a $450 Million USD renovation and was re-opened in 2001. In 1996 Desmond backed a consortium headed by Fran Rooney to purhase Baltimore Technologies for £300,000.
Its headquarters are located in the International Financial Services Centre in Dublin, and it employs about 100 people. Desmond clearly has the financial muscle to takeover the club outright but as a supporter of the club, he believes it would not be in the best interests of the club if he were to do so.
He sold his shares on at a vast profit to Property Developer Liam Carroll in 2006. He is credited with being the inspiration behind the International Financial Services Centre (IFSC). Desmond s past and present business interests and investment holdings include; In 1981 Dermot Desmond founded National City Brokers in Dublin.
The company offers betting markets on a range of international sporting and other events, and claims to handle in excess of £20M worth of bets every week. Desmond was a major shareholder in Irish food company Greencore for a number of years. It was reported Desmond had invested €5.5 Million of his own money in the venture.
Desmond once again showed excellent timing with the sale of his shares as the company has since lost roughly 80% of its share value In 2005 Desmond opened the Sporting Emporium, a Dublin-based private members gaming club. It is located in Ireland s International Financial Services Centre (IFSC) and is regulated by the Irish Financial Services Regulatory Authority.
The investment was considered a large risk as London s Docklands was in recession and Canary Wharf was in receivership. Former GPA Chief Operating Officer and current Babcock & Brown Air Chief Executive Colm Barrington was subsequently named Chairman of Aer Lingus. Desmond owns Dassault Falcon 900 jets. .
IIU Asset Strategies Limited is the hedge fund arm of the company, offering convertible bonds and equity funds. In 1997, together with business partners John Magnier and J.P. Dermot Desmond (born 1950, Macroom, Cork, Ireland) is regarded as one of Ireland s most successful entrepreneurs.
The company competed with already established stockbroking names in Dublin such as Davy s and Goodbodys. The investment in Rietumu initially looked a successful one with Desmonds holding at one stage being valued at €200 million.
He was subsequently named its Chairman. In August 2008, Desmond was offered the position of Chairman of the Irish airline Aer Lingus. Desmond is probably most famous for being a major shareholder in Celtic F.C. Desmond left school in 1968 and shortly afterwards took up a junior position with Citibank in Dublin.
The company was founded in 2000 by Dermot Desmond and started trading in September 2001. In 1981, he founded the Irish stockbroking company National City Brokers (NCB).
The company though fell victim to the dotcom bust and all but collapsed. The airport has since become one of the more profitable in the United Kingdom.
In 1979 he was contracted by the World Bank and transferred to Kabul, Afghanistan. He is estimated to be worth more than €2 billion (£1.5 billion) and is ranked 4th on the Irish Rich List and among The World s Richest People . Desmond was born into modest circumstances in Macroom in 1950.
Desmond turned down the offer citing prior commitments as a factor which would not allow him the sufficient time necessary to do the job. It is believed that Desmonds investment in the company was valued at $10 Million USD.
He is without question though the most influential investor in the club and is the largest shareholder. Desmond previously held an estimated 2-3% stake in Manchester United. Desmond was believed to have sold most of his shares though before the crash and walked away with over £50 Million profit from his investment. Desmond purchased London City Airport from Mowlem for £23.5m in 1995.
He sold out to Malcolm Glazer in 2005 and is believed to have made an £11 million profit from his investment in the club. Desmond purchased 33.1% of Rietumu Banka in 2005 for a reported €66 Million. It is the second largest betting exchange operator in the market, with Betfair being the largest.
