Bad times in the Sullivan Empire?
Posted: Sun Aug 11, 2002 3:48 pm
From todays Financial Mail:
Profits at porn publisher David Sullivan main holding company fell last year but that did not stop the raunchy Daily Sport newspaper awarding himself a ?7 million pay packet.
Accounts just filed at Cornparies House show he took home a ?4 million salary from his wholly owned Roldvale, compared with ?1.2 million the previous year. This was topped up by ?3 million in pension contributions. Leaving aside his earnings, Sullivan is hardly short of cash Roldvale has nearly ?30 million cash in the bank and investment properties worth nearly ?50 million. However Roldvale's profits fell to just over a ?10 million in the year ending September 2001, down from nearly ?12 million in 2000.
The accounts also show that Sullivan's management fees from Sports Newspapers, owner of the Daily and Sunday Sport titles, were slightly down, to ?4.25 million from ?4.5 million in the previous year. He jointly owns Sports Newspapers with fellow porn barons the Gold brothers. The Sports group also has a 78 per cent stake in newly promoted Premier League football club Birmingham City
Sullivan, 53, made his fortune publishing top-shelf magazines and now runs various adult operations, including internet sites and phone chatlines, along with his extensive property interests through Roldvale from his ?15 million mansion in Theydon Bois, Essex. Sullivan saw the value of his investment in horse racing rise, with racing stocks worth nearly ?200,000 last yeah compared with ?85,000 in the previous year. However, he did not have such a good year on the stock market, with the value of his listed investments falling from nearly ?13 million to almost ?7 million.
Sullivan told Financial Mail he had netted ?11 million from his business in the last year: '1 have taken a lot of money out over the past few months and put it into a trust fund for my two sons,' he said.
He also gave away his porn magazines last year to the Gold brothers for nothing 'They were not making anything. That business is over.'
Sullivan retains extensive property interests, including a Bhs store in Stirling, a McDonald's fast-food outlet in London's Shaftesbury Avenue and neighbouring Soho
Profits at porn publisher David Sullivan main holding company fell last year but that did not stop the raunchy Daily Sport newspaper awarding himself a ?7 million pay packet.
Accounts just filed at Cornparies House show he took home a ?4 million salary from his wholly owned Roldvale, compared with ?1.2 million the previous year. This was topped up by ?3 million in pension contributions. Leaving aside his earnings, Sullivan is hardly short of cash Roldvale has nearly ?30 million cash in the bank and investment properties worth nearly ?50 million. However Roldvale's profits fell to just over a ?10 million in the year ending September 2001, down from nearly ?12 million in 2000.
The accounts also show that Sullivan's management fees from Sports Newspapers, owner of the Daily and Sunday Sport titles, were slightly down, to ?4.25 million from ?4.5 million in the previous year. He jointly owns Sports Newspapers with fellow porn barons the Gold brothers. The Sports group also has a 78 per cent stake in newly promoted Premier League football club Birmingham City
Sullivan, 53, made his fortune publishing top-shelf magazines and now runs various adult operations, including internet sites and phone chatlines, along with his extensive property interests through Roldvale from his ?15 million mansion in Theydon Bois, Essex. Sullivan saw the value of his investment in horse racing rise, with racing stocks worth nearly ?200,000 last yeah compared with ?85,000 in the previous year. However, he did not have such a good year on the stock market, with the value of his listed investments falling from nearly ?13 million to almost ?7 million.
Sullivan told Financial Mail he had netted ?11 million from his business in the last year: '1 have taken a lot of money out over the past few months and put it into a trust fund for my two sons,' he said.
He also gave away his porn magazines last year to the Gold brothers for nothing 'They were not making anything. That business is over.'
Sullivan retains extensive property interests, including a Bhs store in Stirling, a McDonald's fast-food outlet in London's Shaftesbury Avenue and neighbouring Soho