DUBLIN (CelebrityAccess) — Paul McGuinness, the former manager of U2, has moved to liquidate his music management firm, a voluntary decision to wind the business down with the lion's share the assets going to Live Nation.
According to The Independent, Live Nation paid $30m in the bid to acquire Principle, in a deal that also included the purchase of Madonna's entertainment company, Maverick.
McGuinness announced in 2013 that he was stepping away day to day management of U2, passing the role to Guy Oseary, but staying on as Chair of the management company, but recent government filings instead revealed that he was planning on winding the firm down.
The firm, now known as Evergreen Ventures Ltd, had been operating in the red for the past four years in 2013, with a decline in profits of almost €2m.
The Independent reported that at the time of resolution, the Declaration of Solvency revealed that the company had assets valuing €1.21m at the time of resolution.