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SBD/Issue 88/Sports Industrialists
McCormack’s Children Not Happy With Estate Split
Published January 27, 2005
The children of late IMG Founder MARK MCCORMACK “were not all that thrilled” with their portion of the $750M sale of IMG to TED FORSTMANN, according to gossip columnists Rush & Molloy of the N.Y. DAILY NEWS. One report indicated that McCormack’s widow, BETSY NAGELSEN, received nine times the total taken in by McCormack’s three children from his first marriage, all of whom hold “high-powered jobs at the company.” But one of McCormack’s sons, TWI CEO TODD MCCORMACK, said that it was his “father’s wish that his trust be divided in the manner it was, so the McCormack children will not contest the trustees’ decisions.” MICHAEL HORVITZ, Trustees Chair for McCormack’s estate, said, “I think it is accurate to say that not every family member agreed with every part of the decision.” Meanwhile, Rush & Molloy cite a source as saying that after McCormack’s death, Forstmann “became smitten with” Nagelsen. Reps for both Forstmann and Nagelsen denied that the two are romantically involved (N.Y. DAILY NEWS, 1/26).