The CVC Capital Partners private equity company has teamed up with prospective investors from Bahrain and Abu Dhabi to table a bid for the IMG agency, according to the Sky News division of UK pay-television broadcaster BSkyB.
The report said that CVC, which is the controlling shareholder of the Formula One motor-racing championship, has linked up with sovereign-backed wealth funds Mumtalakat of Bahrain and the Abu Dhabi Investment Authority (ADIA).
Under the proposed takeover, CVC would control 60 per cent of IMG, while Mumtalakat and ADIA would each control 20 per cent of the agency, which distributes rights for numerous sports properties through its IMG Media division.
Sky News, which first reported CVC’s interest in IMG back in June, said that bids for the agency are due within days.
IMG’s owner, private equity firm Forstmann Little, is hoping to sell IMG for at least $2bn (€1.47bn).
The report said that investment vehicles KKR and New Mountain Capital would submit a joint bid for IMG, while talent management company Creative Artists Agency was also likely to bid.
Private equity company Colony Capital and Mukesh Ambani, the chairman of Indian conglomerate Reliance Industries, are also interested in acquiring the agency.