Mukesh Ambani in race to buy IMG Worldwide


Reliance Industries chairman Mukesh Ambani is among the favourites to buy US-based sports, fashion and entertainment management agency IMG Worldwide which has been put on sale by private equity firm Forstmann Little & Co.

A Reliance official said talks were at an "advanced stage but nothing has been finalised yet". An RIL spokesperson said, "We do not comment on market speculation."

IMG is headquartered in New York and its owners expect it to fetch close to $3 billion. It represents stars such as Rafael Nadal, Novak Djokovic, Maria Sharapova, Venus Williams, Lindsey Vonn and Jackie Stewart.

IMG also manages events such as the IPL, the Australian Open and Wimbledon.

IMG Thursday hired Morgan Stanley and Evercore Partners Inc. to find a buyer, with first-round bids likely in July. "It's an attractive property. There are four to five prospective buyers, including businessmen from Brazil, UK and Qatar. However, Ambani's association with IMG and his relationship with the current owners make him the favourite," a source said.

Ambani partnered with IMG to form IMG-Reliance in 2010 and it currently holds commercial rights for football and basketball in India.

IMG spokesperson Jim Gallagher declined to comment.

Please read our terms of use before posting comments
TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).
comments powered by Disqus