IMG Deal Approaches Home Straight

01 October 2004

Global sports marketing giant IMG is about to cross the finishing line in a $700m (€550m, £380m) buy-out deal.

The company, founded by Mark McCormack in the US in the 1960s, is in the final stages of selling to Forstmann Little, a New York-based private equity group.

The sale came about after McCormack's unexpected death in May at the age of 72. The company, which also represents a stable of entertainers, models and musicians, is privately owned and run by a family trust, with Alistair Johnson and Bob Kain currently at the helm as joint chief executives.

Among IMG's high profile clients are golf wunderkind Tiger Woods, tennis aces Serena and Venus Williams and the famous-for-being-famous beauty and actress Liz Hurley.

Data sourced from Financial Times; additional content by WARC staff