Andy Murray’s financial fortunes soar to £13m

Andy Murray was dumped out of the US Open earlier this week but his finances are on the up. Picture: Getty Images

The Scots star can console himself with an impressive set of business results after being knocked out of the US Open in the fourth round by Kevin Anderson.

Latest accounts published for his firm 77 Management show that it made a profit of £2.9 million after tax for 2014 - down by £900,000 from the previous year.

However, the value of the company has soared from £10,175,154 in 2013 to £13,069,532 and its turnover for the year was £7,271,101.

Murray, who changed the name of the company from Parched Investments to 77 Management to mark him becoming the first British male in 77 years to win Wimbledon, paid himself £2.3 million in the last 12 months.

The company also controls Cromlix House, the hotel near his hometown of Dunblane, which Murray, 28, bought in 2013 for almost £2 million.

The accounts state that the company spent £2.4 million during the year buying up neighbouring land and properties and refurbishing the hotel.

Murray’s mother Judy is the secretary of 77 Management and accountant Neil Grainger is a director but the two-time Grand Slam winner controls the company.

In its accounts Mr Grainger states: “The principal activity of 77 Management Limited is to market and turn to profit the name, fame, image and marketing rights of sporting personalities.

“In the year under review, the subsidiary company, Cromlix House Hotel Limited completed the refurbishment of Cromlix House Hotel near Dunblane in Scotland. The hotel opened for trading in April 2014.

“The directors are confident that the group will continue to show profitable results in the future.”

The company channels Murray’s off-court income but does not include the £26 million which he has earned in tournament prize money during his career.

A financial source said: “The financial results show that the Andy Murray brand continues to generate huge profits.

“He has sponsors and companies desperate for him to represent their brand and he has been very shrewd with his investments.”

The accounts for 2013 show the company had £7,744,759 in the bank and was owed £3,305,131 by debtors.

The company also had ‘tangible assets’, thought to be a property investment portfolio, worth 8.3 million but owed more than £6.3 million to creditors.

The firm, which has two full-time employees, paid £675,776 in tax during the year.

Murray has endorsement deals in place with tennis retailer Head, sportswear firm Under Armour, watch maker Rado Switzerland and Standard Life.

The world number three, who is expecting his first child with Kim Sears, is heading home from New York after losing in four sets to South African Anderson on Monday.

He will compete for the British Davis Cup team in Glasgow later this month in their semi-final match against Australia at the Emirates Arena.