Bids To Buy IMG Are Due Next Week

Written by: Bob Larson Tennis on 27th September 2013

Bids To Buy IMG Are Due Next Week

epa01859898 Roger Federer of Switzerland hits a winner between his legs against Novak Djokovic of Serbia during their semifinal match at the 2009 US Open Tennis Championship at the USTA National Tennis Center in Flushing Meadows, New York, USA, 13 September 2009. Federer will play Juan Martin Del Potro of Argentina in the men's final. EPA/JUSTIN LANE |

The first round of bids to buy IMG are due next week, the Sports Burliness Journal is reporting. IMG is hoping to attract an all-cash offer of more than $2 billion. Buyers have been asked to submit interest documents between Monday and Wednesday. The trustees of Forstmann Little, have been shopping the company around for well over a year now. Apparently by mid-October they will narrow the list down and go to an auction process with a second round of bids from the selected buyers.

The SBJ said that more than 35 potential buyers signed non-disclosure agreements that gave them access to IMG’s financial information. Among those companies that expressed interest are KER, CVC Capital Partners, Bain Capital, the Carlyle Group, Silver Lake and William Morris Endeavor, CAA and TPG Capital. IMG’s earnings before interest, tax, depreciation and amortization are projected to exceed $200M this year.

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