Monday, November 15, 2010

IMG's Teddy Forstmann looking to Brazil

By Tom Lowry, Variety.

Looking to further expand IMG beyond the tenpercentery business, topper Teddy Forstmann is creating a joint venture with Brazilian billionaire Eike Batista to launch a sports and entertainment businesses in Brazil.

The venture is being created as the country with the largest economy in South America prepares to host the World Cup in 2014 and the Olympics and Paralympics in 2016.

The financial details of the 50/50 partnership were not disclosed. Batista and his EBX Group have made a fortune investing in natural resources and the hospitality sector in South America.

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