April 28 (UPI) -- UFC star Conor McGregor added to his fortune with the $600 million sale of his majority stake in Proper No. Twelve Irish whiskey to Proximo Sports.
Proximo Sports and Proper No. Twelve Irish whiskey announced the deal Tuesday in a news release. Proximo, which owns Jose Cuervo and other alcohol brands, already had a 49% stake in the company, but became a majority stakeholder. The parties informed Spirits trade publication Shaken News Daily of the $600 purchase price.
"I founded Proper No. Twelve less than three years ago, and today it has become a shining star in the spirits industry," McGregor said in the news release. "This agreement is exciting for my partners and me, and the potential is limitless!
"Our vision is for Proper No. Twelve to continue its incredible growth worldwide and to keep bringing new consumers to the now reinvigorated Irish whiskey market."
The $600 million profit will be split between McGregor, partner Ken Austin and McGregor's agent, Audie Attar of Paradigm Sports Management.
McGregor, who has promoted the brand since it was founded in 2018, will maintain an active role in the company. Proper No. Twelve Irish whiskey is made at its Old Bushmills Distillery in Northern Ireland. The company shipped the equivalent of more than 6 million bottles throughout eight markets in its first 2 1/2 years of business.
"When we started this business with Proximo, we basically laid out, I'll call it certain hurdles, that would allow them to buy pieces of the company over time," Austin told Shaken News Daily. "We hit a milestone and it gave Proximo the opportunity to own a significant stake."
Proximo raised its stake in the company last year from 20% to 49%.