Mukesh Ambani in contention to buy IMG Worldwide

Last Updated: May 04, 2013, 10:30 AM IST

Zeenews Media Bureau

New Delhi: Reliance Industries chairman Mukesh Ambani is reportedly in talks to buy reputed sports management company IMG Worldwide.

A leading news daily on Saturday quoted a Reliance official as saying that the negotiations are at an advanced stage but the deal hasn’t yet been finalised.

Private equity firm Forstmann Little & Company put its management company that represents sports and fashion industry for sale in February this year and is expected to fetch in excess of USD 2 billion.

Forstmann Little chose Morgan Stanley to find a buyer for IMG on Thursday.

The sports management agency represents global sporting stars such as Rafael Nadal, Novak Djokovic among others.