The formal bidding process for sports agency powerhouse IMG is about to begin.
The sale process for the firm, which reps athletes and handles event production and marketing for numerous franchises around the world, has been in the works for months. A source close to the situation confirmed a New York Times report that the first round of bids are due Monday.
The sale process will be closely watched in showbiz circles as CAA and WME are poised to be contenders for the company in tandem with their respective private equity partners, TPG and Silver Lake. KKR and others are also expected to be in the mix at least early on.
The company is expected to fetch $2 billion to $2.5 billion for parent company Forstmann Little.
IMG has disparate operations in the U.S. and overseas markets but for now it is expected that Forstmann Little will seek a sale of the entire company rather than piecemeal sales.