IMG might not be sold, Forstmann Little says

The owner of IMG, private equity firm Forstmann Little, has said that there “can be no assurance” that the agency will be sold, according to the Reuters news agency.

Forstmann Little began working with the Morgan Stanley and Evercore Partners banking groups in May to find a buyer for the agency.

However, it has now said that it is undertaking a strategic evaluation of IMG that may include a sale of the agency, which distributes rights for numerous sports properties through its IMG Media division.

“No decision has been made regarding a specific course of action for IMG,” Forstmann Little said. “A definitive timetable has not been set and there can be no assurance that this process will result in a sale of IMG.”

Forstmann Little’s statement comes after George Pyne, president of IMG Sports, said earlier this year that the company would probably be sold within the next two years.

Financial firms Guggenheim Partners and Silver Lake Management, along with the Wasserman Media Group agency, have all previously been linked with a move to buy all or part of IMG.