Business of Sport
IMG CEO Forstmann dies
2011-11-21 14:25
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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.