SBD/April 9, 2013/Finance

IMG Sent Memo To Staff Telling Them Not To Discuss Company's Pending Sale

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IMG General Counsel John Raleigh sent a memo to staff last Friday, telling all employees that they are not to discuss the company’s pending sale. Raleigh wrote that the sale is to be left to Forstmann Little, which is overseeing the process, and discouraged employees from fielding inquiries from the press or other “third parties” about the sale. Raleigh wrote, “You should decline to comment.” He went on to write that IMG understands that several of the company’s former execs may have been hired by potential buyers as consultants on a purchase of the company. Employees are obligated not to discuss the sale or speculation of the sale. Raleigh wrote, “IMG would view any breach of obligation in a very serious manner.” He added, “We intend to leave these matters to Forstmann Little.” This comes after the sale of the agency was a consistent topic of conversation at last week's IMG World Congress of Sports in Naples, Fla.
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