Conor McGregor is no longer the majority owner of the whiskey brand he founded, but the UFC star has increased his fortune.
Proximo Spirits, a company that owns Jose Cuervo and other alcohol brands, acquired a majority stake in Proper No. Twelve Irish whiskey in a deal worth up to $ 600 million, both parties told beverage trade Shanken News Daily. Tuesday.
Proximo previously had a 49% stake in the company. The $ 600 million will go to co-founders of the McGregor brand, his agent Audie Attar of Paradigm Sports Management and his partner Ken Austin, who told the publication that the sum includes the $ 250 million that the team already earned in the first two years in the brand’s business with Proximo.
Proper No. Twelve was founded in 2018 and has been vigorously promoted by McGregor, the most popular star in UFC history. Proximo’s new stake in the brand was not disclosed, nor was the duration of the agreement.
Mike Keyes, CEO of Proximo, told Shanken News Daily that McGregor, Attar and Austin will maintain an interest in the brand and maintain active roles.
“Proper No. Twelve is my baby for life!” McGregor said in a statement to his website, The Mac Life. “I’m just heating up the kegs here! What I have in store for all of you will not only bring Proper Twelve to the absolute pinnacle of Irish whiskey, but of all spirits!”
Keyes and Austin told Shanken News Daily that the new deal will not affect how Proper No. Twelve is marketed or its brand identity, with McGregor still leading the way. Another big boost for Irish whiskey is expected around McGregor’s trilogy fight with Dustin Poirier at UFC 264 on July 10 in Las Vegas.
Austin said McGregor wants Proper No. Twelve to be a “multi-million dollar box brand,” and he thinks it will get there.
“Since we introduced this brand with Conor and his partners just two and a half years ago, Proper No. Twelve has been the most exciting brand in the Irish whiskey category,” said Keyes. “The brand continues to grow at an unprecedented rate and this agreement reflects Proximo’s commitment to expanding its presence in the whiskey category as a whole.”