Also in IMG first became involved with the Olympics. It was IMG that led to the games being spread over three weekends for the benefit of television ratings, starting with the Winter Games in Calgary in IMG continued to build its tennis profile during the s, acquiring Nick Bollettieri Tennis Academy in , which provided it access to rising talent and set the stage for the creation of a Men's Tennis division in , when Andre Agassi, James Courier, and Pete Sampras were signed.
IMG also bolstered its roster of baseball clients, which only numbered ten, by acquiring Reich, Landman and Berry in Within three years IMG would be representing 75 baseball players.
In addition, IMG built up its basketball and football divisions in the late s and became involved in cricket, representing the interests of West Indies Cricket Board.
IMG continued to grow in the United States while also expanding its international reach and growth beyond sports. In that same year IMG signed a year deal with USA Volleyball to take advantage of the sport's Olympic popularity but according to Brandweek, "IMG's efforts to build the same fizzled when volleyball's marketing rights became entangled in a dispute with the Atlanta Olympic marketing group. In IMG formed a soccer division, and then in it began to represent stadiums and arenas.
It was also in the s that IMG became a sports team owner, acquiring a club in the Chinese Basketball Association in and purchasing a first division French soccer team, Racing Club de Strasbourg, in The firm considered golf, McCormack's first love, to be a market that was essentially "fully valued," however. McCormack told Brandweek in March that golf was "peaking a little bit.
I don't see it growing at the same levels. The worst thing to get into in golf today is the sponsorship of a PGA [Tour event]. It costs so much and you only get a week out of it. Woods had been a golfing prodigy since childhood and IMG began courting his family when Woods was just 13, currying favor by hiring his father as a junior golf scout, bringing much appreciated income to the household.
It was no surprise that when Woods decided to become a professional after his sophomore year in college that he would sign with IMG.
Other notable developments in the s included the signing of the Rock and Roll Hall of Fame as a client in ; the establishment of the TWI Interactive division in ; the addition of the Kennedy Space Center as a client in ; and the creation of a private equity fund to invest in the sports industry, formed with Chase Capital Partners in This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.
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The size of the audience expanded from a stadium to the entire planet. Instead of a few famous baseball or football players, more athletes in more sports could gain unprecedented celebrity. McCormack turned his clients into international high value brands.
Without his ruthlessness and marketing skills, his clients would be a great deal poorer. In , McCormack died of cardiac arrest. He was Mark was the only owner, chairman, and chief executive that IMG had ever had. He refused to sell to outsiders, take IMG public, or even offer stock to his devoted top executives.
She was a retired tennis player turned sportscaster, with no management experience. IMG represented her as a client, but that was the extent of her involvement with the business. By the end of , IMG had financed an enormous expansion with loans from 12 different banks. As the de facto person now in charge, Betsy faced pressure from multiple fronts: taxes in the hundreds of millions needed to be paid, banks needed assurance about their loans, the company had no clear leadership or decision making power, and of course Betsy had her own financial security to think about.
She found herself in a classic no-win situation with realistically only one option — to sell the company. First, he could have made sure there was enough capital to handle family requirements for taxes and financial security for Betsy. Then, he could have made sure key stakeholders knew the plan in advance.
If he had done those two things, his family would have had a significant grace period to maximize the potential value of a future sale. Instead, the company and stakeholders were blindsided by his death.
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