Menu
Finance

F1 Owner CVC Capital Teams Up With Gulf-Based Groups On $2B Bid For IMG

The biggest investor in F1 "is teaming up with one of the biggest shareholders in the McLaren sports car group to form" a $2B offer for sports rights agency IMG, according to Mark Kleinman of SKY NEWS. CVC Capital, which owns roughly one-third of F1's parent company, "has joined forces with Mumtalakat of Bahrain to bid for IMG." Initial bids for IMG "are due within days." Under CVC's plans, it "would form a consortium in which it would hold a 60% stake in IMG, while Mumtalakat and the Abu Dhabi Investment Authority (ADIA) -- both of which are sovereign-backed groups -- would own interests of about 20% each." The Middle East-based entities "are investors in the circuits which stage the two countries' respective Grands Prix, which have become annual fixtures on the F1 calendar." CVC's consortium "is expected to be in a powerful position in the auction of IMG." CVC "faces tough competition to secure control of IMG, which is arguably the most coveted sports rights asset to come up for sale for several years." Among others considering bids are Colony Capital, which had a £1.3B ($2.1B) "offer rejected earlier this year." Rival "talent managers such as Creative Artists Agency are also expected to bid, as may IMG partners including Reliance Industries in India" (SKY NEWS, 9/17).

SBJ Morning Buzzcast: March 18, 2024

Sports Business Awards nominees unveiled; NWSL's historic opening weekend and takeaways from CFP deal

ESPN’s Jay Bilas, BTN’s Meghan McKeown, and a deep dive into AppleTV+’s The Dynasty

On this week’s Sports Media Podcast from the New York Post and Sports Business Journal, ESPN’s Jay Bilas talks all things NCAA. Big Ten Network’s Meghan McKeown shares her insight into the Caitlin Clark craze. The Boston Globe’s Chad Finn chats all things Bean Town. And SBJ’s Xavier Hunter drops in to share his findings on how the NWSL is making a social media push.

Learn more about your ad choices. Visit megaphone.fm/adchoices

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Global/Issues/2013/09/18/Finance/CVC-Captial-IMG.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Global/Issues/2013/09/18/Finance/CVC-Captial-IMG.aspx

CLOSE