The IMG Worldwide agency has denied reports that it has held talks to buy out Brazilian entrepreneur Eike Batista’s stake in their local sports and entertainment joint venture, IMX.
The future of IMX has been the subject of debate in the midst of Batista’s recent financial difficulties. His commodities and logistics business empire was hit in late 2012 and 2013 after production at his flagship oil company failed to meet expectations.
Batista has since sold some of his stakes in a number of companies, while two have filed for bankruptcy protection. However, IMG chief executive Mike Dolan told the Wall Street Journal newspaper that reports the agency has been seeking to buy out Batista’s IMX interest amounted to “speculation.”
Dolan added that IMG is keen to retain Batista as a partner in the venture over the long term. “He’s been a great partner from the beginning,” Dolan said. “We would love to have his involvement in some way over the long-term.”
A spokeswoman for EBX, Batista’s holding company, said the partnership with IMG continues and declined to comment on press speculation.