Report: IMG on the block
Variety reports that IMG, which manages sports events, represents athletes, and sells licensing and broadcast rights, is being prepared to be sold by Goldman Sachs in a deal that could fetch as much as $2 billion.
Forstmann Little acquired IMG in 2004 for around $700 million shortly after the death of IMG founder Mark McCormack. IMG has been a critical player in tennis since it was founded; among other things, it currently represents Rafael Nadal and Maria Sharapova, runs the Sony Open in Miami, and negotiates broadcast rights for Wimbledon and the WTA.
There have been rumors that the company would be sold since the death of Ted Forstmann in November 2011, who was a big tennis fan and grew close to Roger Federer. Federer and his agent, Tony Godsick, left IMG when their contracts ran out last June.
An IMG spokesman denied that the company is for sale.