In a report from the Indian Express, it was disclosed that the Chairman of Reliance Industries Ltd. Mukesh Ambani is in discussion regarding the acquisition of IMG Worldwide, a talent agency based in New York, according to anonymous Reliance officials. In 2010, Reliance and IMG formed a company to build up sports and entertainment in India. At its formation, IMG Reliance inked a thirty year contract with Basketball Federation of India which was a starting point of the professional league.
According to the news report, other potential buyers that Ambani is vying against include entrepreneurs from the United Kingdom, Qatar and Brazil and the amount may reach an estimated US$3 billion. Rob Tillis of Inner Circle Sports divulged that Creative Artist Agency, partly owned by TPG Capital, owners of the Los Angeles Dodgers Guggenheim Partners and Silver Lake Management LLC who owns stocks with William Morris Endeavor Entertainment are the other buyers interested in IMG. Despite existence of other offers, it is speculated that Ambani may have leverage in this dealing considering his relationship with IMG and his relationship with the existing owners.
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