In The News

Boss of worldwide sports agency passes away

Boss of worldwide sports agency passes away

THE death has taken place of Ted Forstmann who headed the world’s largest sports agency, I.M.G. He was 71.

Mr. Forstmann was a Wall Street financier whose firm, Forstmann Little & Co, was a major player in the field of acquisitions and investments in the 1980s.

The company had made 31 major deals, including buy-outs of Dr. Pepper, Yankee Candle and Gulfstream Aerospace.

He acquired I.M.G., which was founded by Mark McCormack, in 2004 and became the company’s Chairman and Chief Executive Officer.

The firm represents such sports stars as Tiger Woods and Roger Federer as well as companies such as Rolex and Nike.

Mr. Forstmann had been suffering from brain cancer but was still active in recent weeks fighting-off a take-over bid for I.M.G.

He was a noted philanthropist in the United States and had pledged to give-away most of his vast wealth.

To view an interview given by Ted Forstmann last year click here.

 

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