ID :
111653
Mon, 03/15/2010 - 02:31
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https://www.oananews.org//node/111653
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Reliance, IMG form sports venture to tap Indian game mkt
Mumbai, Mar 14 (PTI) Mukesh Ambani-led Reliance
Industries and sports marketing giant IMG Worldwide on Sunday
entered into an equal joint venture to build a professional
sports business in India, which is expected to give a boost to
the country's sporting arena.
"The joint venture entity -- IMG Reliance -- 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," Reliance Industries said in a statement.
IMG owns the IMG Academies in Bradenton, Florida, which
educates and trains young athletes in the world in golf,
tennis among other sports. Developing athletic talent is a key
component of the IMG-Reliance venture.
"World class infrastructure, technology and scientific
coaching are integral part of development of today's sporting
talent. Our JV company will work with like-minded organisation
and invest in developing immensely talented young Indians,"
RIL Chairman and MD Mukesh Ambani said.
IMG Academics will provide management knowledge and
coaching skills to the management and coaching teams of
academies in India which will be managed by the joint venture
entity, the statement added.
"The JV will develop new sports and entertainment assets
in India modelled on the structures of such assets in mature
market places," the statement added.
"The commercial performance of sport and entertainment in
India will be enhanced. This JV will address these challenges
and in time, we anticipate, benefit from the commercial growth
that follows," IMG Chairman and CEO Ted Forstmann.
The JV entity would initiate a scholarship programme
which will identify talented Indian athletes who will be
provided with full sporting and academic scholarships to IMG
Academics in Florida, the statement said.
"Reliance Foundation will invest in the infrastructure
development of the globally renowned IMG Academies in India.
We will also offer scholarships to promising youngsters to
help them get the very best of global training and coaching
facilities," IMG Reliance Board member Nita Ambani said.
IMG has already played a major role in the development
and operation of the Indian Premier League cricket venture.
The event management company played a vital role in turning
the Twenty20 league into a global cricketing force
Operating in 30 countries, IMG Sports & Entertainment's
diverse businesses include product and brand licensing,
consulting services, event management, and has client
representation in golf, tennis and soccer among other sports.
Earlier in 2008 IMG Worldwide Inc, the sports-marketing
powerhouse, has struck a 20-year deal with China's national TV
broadcaster that gives the US company the right to develop and
market new sports events in that country. PTI JD
AHM
Industries and sports marketing giant IMG Worldwide on Sunday
entered into an equal joint venture to build a professional
sports business in India, which is expected to give a boost to
the country's sporting arena.
"The joint venture entity -- IMG Reliance -- 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," Reliance Industries said in a statement.
IMG owns the IMG Academies in Bradenton, Florida, which
educates and trains young athletes in the world in golf,
tennis among other sports. Developing athletic talent is a key
component of the IMG-Reliance venture.
"World class infrastructure, technology and scientific
coaching are integral part of development of today's sporting
talent. Our JV company will work with like-minded organisation
and invest in developing immensely talented young Indians,"
RIL Chairman and MD Mukesh Ambani said.
IMG Academics will provide management knowledge and
coaching skills to the management and coaching teams of
academies in India which will be managed by the joint venture
entity, the statement added.
"The JV will develop new sports and entertainment assets
in India modelled on the structures of such assets in mature
market places," the statement added.
"The commercial performance of sport and entertainment in
India will be enhanced. This JV will address these challenges
and in time, we anticipate, benefit from the commercial growth
that follows," IMG Chairman and CEO Ted Forstmann.
The JV entity would initiate a scholarship programme
which will identify talented Indian athletes who will be
provided with full sporting and academic scholarships to IMG
Academics in Florida, the statement said.
"Reliance Foundation will invest in the infrastructure
development of the globally renowned IMG Academies in India.
We will also offer scholarships to promising youngsters to
help them get the very best of global training and coaching
facilities," IMG Reliance Board member Nita Ambani said.
IMG has already played a major role in the development
and operation of the Indian Premier League cricket venture.
The event management company played a vital role in turning
the Twenty20 league into a global cricketing force
Operating in 30 countries, IMG Sports & Entertainment's
diverse businesses include product and brand licensing,
consulting services, event management, and has client
representation in golf, tennis and soccer among other sports.
Earlier in 2008 IMG Worldwide Inc, the sports-marketing
powerhouse, has struck a 20-year deal with China's national TV
broadcaster that gives the US company the right to develop and
market new sports events in that country. PTI JD
AHM
