Golf champion Padraig Harrington has lost $5 million on a failed investment with a U.K technology firm.
This information was received through a recently filed court document obtained by the Sunday Independent.
Padraig Harrington and billionaire golf enthusiast Dermot Desmond (who lost $18.6 million) both invested in a British company called U4EA Techonologies. Harrington’s brother, Columb was the director.
It is suspect that the Irish golfing champion is worth $22 million. Last year he spoke with the Sunday Independent saying “I have not lost greatly in any ventures . . . nothing has happened that has had any material effect on me, financially.” However he also realized that he was not immune from financial disasters.
In June an administrators report was placed before the High Court in the U.K. It showed that Harrington lost $5 million with his investment in U4EA.
Harrington is currently playing at the 3 Irish Open and he will, no doubt, earn more great sums before his retirement. However the lost of $5 million would leave anyone sore.
Last year Harrington spoke out against rumors that he had lost massive amounts of money during the economic downturn. He said Nasty things have been said about me and I really don't want to lend credence to them by making any comment. For instance, one of the tabloids wanted to know if it was true that I had lost €20m ($26m) in investments with (Bernie) Madoff, (Allen) Stanford and a few others. They were obviously keen to cover all the bases.”