Agency giant IMG Worldwide has agreed to sell its 50 per cent stake in IMG Reliance, its Indian joint venture, to Reliance Industries.
The deal, completed on 28th December, is worth Rs 52.08 crore (US$7.13 million) in cash and sees IMG Reliance become a wholly-owned subsidiary of Reliance Industries, which is India’s biggest company by market value.
Formed in 2010 and based in Mumbai, IMG Reliance is the market leader in sports marketing, licensing and sponsorship in India. Its clients include the Indian Premier League (IPL) teams, the Board of Control for Cricket in India (BCCI) and several top Indian cricketers, while it also owns and operates the Tata Open Maharashtra tennis tournament.
According to The Indian Express, IMG Reliance - which is spearheaded by billionaire Mukesh Ambani (pictured) franchise owner of the IPL team Mumbai Indians - recorded turnover of Rs 181.70 crore (US$24.87m) and a net profit of Rs 16.35 crore (US$2.24m) in fiscal year 2020.
Reports in India say IMG Reliance will be rebranded following the acquisition, which was agreed between Reliance Industries and IMG’s Singaporean subsidiary, IMG Singapore Pte Ltd.
John Stephenson
john@cricketinvestor.co.uk
#Cricketnews #IMGWorldwide #RelianceIndustries
