IMG income hit by Woods scandal – report 21/06/2010 |
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Tiger Woods's loss of endorsement income reportedly cost his management company IMG $4.6m in fees.
A confidential document obtained by CNBC reveals the figure, which suggests Woods himself lost between $23m and $30m in deals last year.
The world No 1 lost contracts with companies including Accenture and Gatorade after admitting a string of extramarital affairs.
Woods’s agent Mark Steinberg, who heads up IMG's golf division, refused to comment on how much his client lost in endorsement income.
IMG, the world's largest sports management company, was bought by Forstmann Little in November 2004 for $760m. It has 2,750 employees in 30 countries.
"The agency part of our business — I'm happy to be in it," IMG chairman and chief executive Ted Forstmann told CNBC"s The Strategy Session last week. "It's a lot of fun. We are the biggest in all of these things and it's nice to be there, but it's a very small part of our business. So whatever happens with Tiger Woods, it's not going to have a huge effect on IMG."
Last year, IMG said it grossed $764m from the sports and entertainment division, which includes representation, sponsorship sales and event management, and $241m from its media arm, which packages and distributes sports programming to viewers in more than 150 countries. The report said the company had a 2009 operating profit of $85.3m.
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