Dermot Desmond facts for kids

Dermot Desmond was born on August 14, 1950. He is a very successful Irish businessman and investor. People estimate he is worth over €2 billion, making him one of the richest people in Ireland. He is also known for being the biggest individual owner of shares in Celtic Football Club.

Early Life and School

Dermot Desmond was born in Macroom, a town in County Cork, Ireland, in 1950. He grew up in Marino, Dublin. He went to school at Scoil Mhuire in Marino and then to Good Counsel College in New Ross. After finishing school in 1968, he started working at Citibank in Dublin.

His Business Journey

Dermot Desmond's business career began in 1968 at Citibank in Dublin. Later, he worked for Price Waterhouse in Kabul, Afghanistan.

Starting National City Brokers

In 1981, he started his own company called National City Brokers (NCB) in Dublin. This company competed with other big stockbroking firms. In 1994, Desmond sold NCB to Ulster Bank for about £39 million. Later, NCB was bought back by its managers.

Leading Aer Rianta

In 1990, Dermot Desmond became the chairman of Aer Rianta, which was the company that managed Ireland's airports. He left this role in October 1991.

International Investment & Underwriting

In 1995, Desmond started International Investment & Underwriting (IIU). This is his main company for making investments. It's located in Ireland's International Financial Services Centre (IFSC) in Dublin. IIU invests in various companies, including Daon, Inc., which works with biometric technology.

Investing in Technology

In 1996, Desmond supported a group that bought Baltimore Technologies for £300,000. This company grew very quickly and was even part of the FTSE 100 Index, a list of the top 100 companies in the UK. However, the company faced problems during the "dot-com bust" when many internet companies struggled.

Owning Luxury Resorts

In 1997, Desmond teamed up with other business partners, John Magnier and J.P. McManus. They bought the five-star Sandy Lane Hotel in Barbados. The hotel had a huge renovation that cost US$450 million and reopened in 2001.

London City Airport

Desmond bought London City Airport in 1995 for £23.5 million. At the time, this was seen as a risky investment because the area around the airport was going through a tough economic period. However, the airport became very successful. Desmond sold London City Airport in October 2006 for a reported £750 million.

BETDAQ Betting Exchange

BETDAQ is a company that runs a betting exchange, which is a platform where people can bet against each other. Dermot Desmond founded BETDAQ in 2000, and it started operating in 2001. Its main office is in Dublin. Desmond sold BETDAQ to Ladbrokes in 2013 for €30 million. In November 2021, he bought BETDAQ back from the Entain group.

Other Investments

Desmond was a major owner of shares in the Irish food company Greencore for several years, selling his shares in 2006. In 2005, he opened the Sporting Emporium, a private gaming club in Dublin. He also bought a large share of the Latvian bank Rietumu Banka in 2005.

In August 2008, Desmond was offered the job of chairman for the Irish airline Aer Lingus, but he turned it down due to other commitments. In September 2018, he increased his ownership in Mountain Province Diamonds, a mining company in Toronto, Canada. This company owns a diamond mine called Gahcho Kue Diamond Mine Project.

Also in September 2018, Desmond received permission to build a very large mansion in Dublin. To do this, he was allowed to tear down an existing house that was once the most expensive house ever sold in Ireland.

Football Investments

Dermot Desmond is the largest individual shareholder in the Scottish Premiership football club Celtic F.C.. He used to own shares in Manchester United F.C., but he sold them in 2005. In 2019, Desmond bought a 25% share in the League of Ireland club Shamrock Rovers.

Horse Racing

Dermot Desmond also has a passion for horse racing. His racehorse, Commanche Court, won several important races. These include the Triumph Hurdle in 1997, the Irish Grand National in 2000, and the Punchestown Gold Cup in 2000.

Business Interests

Here are some of the companies and investments Dermot Desmond has been involved with:

• Baltimore Technologies
• Bank of Ireland
• Barchester Healthcare
• BETDAQ betting exchange
• Celtic FC
• Daon, Inc.
• Datalex
• GIS software house eSpatial
• Greencore
• International Investment Underwriters (IIU)
• Intuition Publishing Ltd. (eLearning Company)
• London City Airport
• Mountain Province Diamonds
• Neovia
• Rietumu Banka
• Sandy Lane Hotel
• Shamrock Rovers FC
• Sporting Emporium Casino
• Space_Technology_Ireland_Ltd
• Young Foundation