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Ted Forstmann Of IMG Passes Away At 71 Years Old

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Yesterday it was reported that IMG Worldwide (IMG) Chairman and CEO Theodore J. (Ted) Forstmann passed away at 71-years-old.  The cause of death was brain cancer.  Forstmann will be remembered for his unique ability to invest in companies (including Dr Pepper and Topps), fix them up, make them immensely valuable, and then sell them to make big profits for himself and the investors who bought into his plan.  He was also a noble philanthropist who donated millions of dollars, mostly focusing on ways to benefit various classes of children.

For numerous years, dating back to when Mark McCormack served as Chairman of IMG (when it was referred to as International Management Group), the company was the staple of the sports agent world.  Throughout the company’s existence, it has represented some of the best football players (Peyton Manning), baseball players (Derek Jeter), golfers (Tiger Woods), and tennis players (Roger Federer).  When Ted Forstmann bought the company for $750 million, Peter Johnson was fired, IMG’s team-sports division was scrapped (Manning, Jeter, et. al. went elsewhere for representation in team contract matters), and some its top agents moved on to other agencies, most of whom ended up at Creative Artists Agency (CAA).

IMG reinvented itself under Forstmann to focus more on its media and entertainment services.  It did not take long for IMG profits to become much larger than they had been prior to Forstmann’s takeover in 2004.  Whereas IMG used to be most well known for its representation of athletes, it is now acknowledged for its success with IMG College (collegiate marketing, licensing and media rights), its joint ventures in emerging markets overseas, its fantastic events, and large licensing and consulting arms.

Forstmann graduated from Yale University and received a J.D. from Columbia University.  He is survived by his two sons Siya and Everest.  IMG asks, in lieu of flowers to Forstmann’s family, please consider donations to The Children’s Scholarship Fund.

By Darren Heitner

Darren Adam Heitner, Esq., is a preeminent sports attorney and the founder of Heitner Legal, P.L.L.C., a Fort Lauderdale-based law firm specializing in sports law, contract negotiations, intellectual property, and arbitration. He earned his Juris Doctor from the University of Florida Levin College of Law in 2010 and a Bachelor of Arts in Political Science, magna cum laude, from the University of Florida in 2007, where he was named Valedictorian of the College of Liberal Arts and Sciences. Admitted to practice in the state bars of Florida, New York, and the District of Columbia, as well as multiple federal courts, Darren also serves as a certified arbitrator with the American Arbitration Association.

As an adjunct professor, Darren imparts his expertise through teaching Sports Law at the University of Florida Levin College of Law and Name, Image, and Likeness (NIL) at the University of Miami School of Law in the Entertainment, Arts, and Sports Law LL.M. program. His scholarly contributions include authoring several books published by the American Bar Association, such as How to Play the Game: What Every Sports Attorney Needs to Know, and numerous articles in prominent publications like Forbes, Inc. Magazine, and Above the Law. His thought leadership in NIL has earned him recognition as one of the foremost experts by The Wall Street Journal, USA TODAY, and On3, and he has been lauded as a “power player in NIL deals” by Action Network and a “top sports trademark attorney” by Sportico.

Darren’s passion for sports law led him to establish Sports Agent Blog on December 31, 2005, initially titled “I Want To Be A Sports Agent.” The platform, created as a New Year’s resolution, has grown into a cornerstone of the sports agency community, offering in-depth analysis of industry trends, legal disputes, and agent-player dynamics. His commitment to the field is further evidenced by his representation of numerous athletes and sports agents, as well as his prior role as an Adjunct Professor at Indiana University Bloomington, where he developed and taught a course on Sport Agency Management from 2011 to 2014.

Darren’s contributions have been recognized with prestigious honors, including the University of Florida’s 40 Under 40 Award, the University of Florida Levin College of Law’s Outstanding Young Alumnus Award, and designation as the best lawyer in Fort Lauderdale by Fort Lauderdale Magazine. He remains an active voice in the sports law community, sharing insights through his weekly NIL newsletter and his X posts, engaging a broad audience on legal developments in sports.