McGuinness Wraps Up Principle

Former U2 manager Paul McGuinness has wound up his management company after handing over the reins to Live Nation.

In November 2013, McGuinness stepped down from his 30-year tenure as manager of the band and sold his Principle Management to LN, which at the same time bought Maverick, Madonna’s management company.

McGuinness stayed on as chairman of Principle but the day-to-day running of U2’s affairs was passed on to Madonna manager Guy Oseary.

Along with fellow director Trevor Bowen, he’s now decided to wind up the old firm, now known as Evergreen Ventures Ltd. According to reports in the Irish Independent and Irish Examiner, the company was worth about euro 1.21 million ($1.43m) when McGuinness closed it down.

The Declaration of Solvency filed at Ireland’s Companies Office shows the firm had euro 903,861 in the bank on the date of the voluntary wind-up. It also had euro 75,501 in marketable securities and was owed euro 223,961 in VAT.