While IMG Chair & CEO Mark McCormack "toyed
'fleetingly'" with the concept of an Employee Stock
Ownership Plan for his company, he has decided to pass the
"ownership of IMG to his three children in the business,
Breck, Todd and Leslie," according to Ed Adams of TENNIS
WEEK. McCormack, when asked why he has not opted for an IPO
of IMG: "You can't do what's in the long-range best
interests of the company because of the emphasis by
investors on quarterly earnings. In addition, people can
learn everything about your company from SEC filings."
Adams: "In view of McCormack's convictions on the subject,
don't hold your breath -- or wallet -- awaiting a public
offering of IMG stock." With the "succession plan ... in
place," IMG "is off on at least three new directions" in
business development. It is building the new Indian Wells
Tennis Garden in CA and "buying tennis tournaments." It is
also emphasizing soccer with its recent acquisition of a
major European team in France and by "getting very involved
in soccer management and marketing" (TENNIS WEEK, 11/18).
