Interpublic Group is to break up its Sports & Entertainment Group subsidiary as it seeks to save cash.

The unit – parent of the troubled Octagon Motor Sports business – is to be closed down after little over a year in existence. The decision coincides with the news that SEG's chairman/ceo Mark Dowley is leaving to join talent agency Endeavor.

Once the unit is disbanded, its constituent businesses – which also include event marketer Jack Morton Worldwide and celebrity PR shop PMK/HBH – will transfer to other Interpublic divisions.

The Sports & Entertainment Group was launched in June 2002. Its closure is expected to save Interpublic some $5 million (€4.4m; £3.0m) a year.

Data sourced from: BrandRepublic (UK); additional content by WARC staff