Chubby Chandler Sold 75% Of ISM Before Recent String Of Major Wins
Newly discovered documents reveal that golf agent Chubby Chandler "sold most of ISM Group," holding company of Int'l Sports Management, less than a week before ISM client Louis Oosthuizen won the '10 British Open, according to Simon Goodley of the GUARDIAN. Chandler, whose clients have won four of golf's past five majors, "relinquished control of 75% of a business that was about to see its prospects transformed." He said, "I don't live my life (regretting things). I'm not a person that looks backwards. Maybe this run started because of that (deal). If I lived my life wondering what would have happened and about 'what ifs' then I wouldn't get very far." Sports law firm Onside Law Partner Oliver Hunt estimates that the "run of winners could have been worth at least" an extra US$2.3M to ISM. Goodley reported the "deal Chandler signed last year to sell ISM saw a consortium of investors acquire three-quarters of the company's shares for a price that remains undisclosed." The investors include former Setanta Founders Leonard Ryan and Mickey O'Rourke, golfer Mark O'Meara and WWE Exec VP/Global Media Shane McMahon. At the time, their "involvement was portrayed merely as ISM attracting investment and not the company being sold -- but only around" US$2M was raised. The documents reveal that "proceeds of the sale went to settle a loan that Chandler had taken out from the company, which had stood as high" as US$4.3M, "while also funding the agent's divorce." The deal also included "paying off Chandler's former business partner, David Brookes, for his stake of around 30%" (GUARDIAN, 8/7).