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Volume 24 No. 156
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IMG's Pyne Says Sale Of Company Could Take 4-24 Months

IMG Sports President George Pyne today said the company will be sold in the next 4-24 months and Forstmann Little will handle the sale. Pyne, speaking at the IMG World Congress of Sports, said the process will take longer than people think. Pyne said he does not think Phil Anschutz' failure to sell AEG will affect IMG's sales process at all because AEG and IMG are different companies with different assets and business models. Pyne: "I don't think (AEG's non-sale) impacts it one way or another. They had high expectations, a 20 multiple. It was a real estate company that had sports assets. It used real estate to drive service businesses. I don't think it matters."