Img And Reliance Form Indian Agency
Global sports marketing agency IMG has struck a deal with Reliance Industries Limited to form an equal joint venture to develop, market and manage sports and entertainment in India.
The venture, IMG Reliance Pvt Ltd, will have parallel complementary strategies: to provide and operate world class infrastructure and coaching facilities in the country to unlock India’s sporting potential and; to create and operate major sports and entertainment assets in the country.
Among the immediate initiatives unveiled under the new partnership include the creation of state-of-the-art sporting academies, under the auspices of The Reliance Foundation, the recently formed corporate social responsibility initiative of Reliance Industries, to provide world class coaching and training facilities for Indian sportsmen and sportswomen.
The required infrastructure investment will be provided by The Reliance Foundation while IMG Academies (IMGA) will provide management knowledge and coaching skills transfer to the management and coaching teams of the Academies in India which will be managed by the joint venture.
In parallel to the development of the Academies in India, a scholarship programme will be initiated which will identify talented Indian athletes who will be provided with full sporting and academic scholarships to IMGA in Florida.
Additionally a fully funded programme to develop Indian coaching potential will be initiated in preparation for the opening of the Academy in India once construction is completed.
The joint venture will develop new sports and entertainment assets in India modelled on the sporting, commercial and investment structures of such assets in mature sports and entertainment market places.
Plans are also underway to create India’s first ‘super agency’ which will offer 360 degree management to celebrities from the worlds of sport, Bollywood, fashion and which will develop, own and operate assets in these sectors.
Management of IMG’s existing business and assets in India including the Aircel Chennai Open – India’s Association of Tennis Professionals (ATP) World Tour event and Lakmé Fashion Week – India’s premier lifestyle and fashion event will be transferred to the joint venture.
IMG’s responsibilities to the Board of Cricket Control in India for the Indian Premier League will however not transfer to the joint venture and will continue to be managed by IMG’s international business and executive team.
