Formula 1 co-owners looking to buy IMG Worldwide

CVC Capitals, co-owners of Formula 1, are plotting a bid to own media rights agency giants, IMG Worldwide.

The London-based private equity firm is looking to make the best out of the situation to grab IMG. The agency has been put on sale by its owners, Fortsman Little, and CVC are hoping to ward off interest from other giants across the globe in trying to acquire the firm.

Mark McCormack set up the agency back in 1960 to be able to officially represent legendary golfer, Arnold Palmer. Today, the agency is one of the largest in the world bearing clients such as world number 1 in tennis, Novak Djokovic, and supermodel, Heidi Klum.

Excluding personnel, IMG are the official consulting-organiser partners for the 2022 Football Qatar World Cup. Their other stadia clients include the Wembley stadium in London and the Maracana in Rio de Janeiro.

CVC’s move to buy the agency is a logical one. They’ve owned Dorna Sports, the co-owners of the MotoGP series and have completely bought All Sport Management, the firm who hold all the advertising rights for Formula 1.

CVC has grown tremendously after acquiring Formula 1 in 2005. They’re soon to value the sport at around $12 billion in the stock market and the plan to acquire the agency could benefit both, CVC and IMG.

They are, however, going to face a lot of challenge in trying to acquire the agency. Colony Capital, Creative Artists Agency and Reliance Industries are all known to be admirers.