Business of Sport

IMG CEO Forstmann dies

2011-11-21 14:25
Ted Forstmann
Cape Town - Ted Forstmann, the chairman and CEO of IMG and one of the most influential and respected men in the global sport industry, passed away on Sunday at the age of 71 after a courageous battle against brain cancer.

Forstmann, who acquired IMG in 2004 and had since overseen a major remodelling of the global sport, entertainment and media giant and a period of unprecedented growth in its business, had achieved success in the financial world over several decades before moving into sport. Forstmann Little & Co., the investment firm he founded in 1978, returned more than $15 billion to its investors under Forstmann's leadership.

He was also a passionate philanthropist, donating huge amounts of his money and time to a wide range of causes. In 2010 he signed on to The Giving Pledge, a movement whose members commit to donating the majority of their wealth during their lifetime to philanthropic causes.

As well as his work with causes across the USA, his international work included his position as the only non-African trustee of the Nelson Mandela Children’s Fund.

His love of sport was longstanding, and in his youth he was a highly regarded tennis prospect as well as playing hockey for Yale University.

Forstmann passed away at his home in New York. He is survived by his two sons, Siya and Everest.
 

Read more on:    business of sport
NEXT ON SPORT24X

What To Read Next

 

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
Live Video Streaming
Video Highlights
Sport Talk

Live scoring

 
 
Men
Women
Love 2 Meet
English Premiership flutter

Take Sport24's "expert" tips at your peril...

Featured

Big month in the world of golf as the FedEx Cup concludes on the PGA Tour, the Race to Dubai gathers steam on the European Tour and the Sunshine Tour offers local golfers the chance to bank some cash. Oh, and not forgetting the USA v Europe Ryder Cup showdown at Hazeltine!

Latest blogs
Vote

Jake White will leave his job as Montpellier coach next year. Where would you like to see the former Springbok coach, coach next?

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

RSS Feeds Sport news delivered really simply.

 
There are new stories on the homepage. Click here to see them.