Reliance, IMG to set up sports academies in India through JV

IMG Chairman Ted Forstmann, IMG Reliance Board Member Nita Ambani and RIL Chairman Mukesh Ambani announcing a joint venture IMG Reliance to develop, market and manage sports and entertainment in India, in Mumbai on March 14, 2010.

India's largest private sector company Reliance Industries Limited (RIL) and IMG, the world's leading sports marketing and management company, today announced an equal joint venture to dvelop, 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.

A press release from the company said the senior management teams of the two organizations led by their respective Chairmen Mukesh Ambani and Ted Forstmann had formulated clear ambitions and strategies for the new company.

It said IMG Reliance would harness IMG’s international expertise gained in over 50 years in the business of sport, entertainment and celebrity management with RIL’s expertise in the domestic market, strategic planning and flawless execution.

According to the release, as part of the joint venture's immediate initiatives, it would set up, under the auspices of The Reliance Foundation, the recently formed corporate social responsibility initiative of Reliance Industries, state-of-the-art sporting academies to provide world class coaching and training facilities for Indian sportsmen and sportswomen.

The required infrastructure investment will be provided by The Reliance Foundation. IMG owns IMG Academies (IMGA) in Bradenton, Florida the world’s leading sporting and educational institution which has many alumni who have pursued successful professional sporting careers on the world stage. 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 release said the joint venture would develop new sports and entertainment assets in India modeled on the sporting, commercial and investment structures of such assets in mature sports and entertainment marketplaces.

It said plans were 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 BCCI for IPL will not transfer to the joint venture and will continue to be managed by IMG’s international business and executive team.

Mr Ambani said development of sports and a sporting culture was a social imperative for India in the 21st century.

"World class infrastructure, frugal engineering, technology and scientific coaching are an integral part of development of today’s sporting talent globally. IMG has an enviable track record of leveraging these aspects and identifying, training and developing champion talent across disciplines," he said.

Mr Ambani said the joint venture would actively work with like-minded organizations and invest in developing immensely talented young Indians.

"I am excited about the comprehensive relationship with IMG which will seek to unlock the potential of young India at a global platform. 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. We are committed to undertake grassroots development programme to make a fundamental difference to the lives of millions of youngsters in the country based beyond the big cities," Ms. Nita Ambani, Member on the Board, IMG Reliance, said.

Mr Forstmann said the performance of Indian athletes on the national and international stage woul improve dramatically with the correct development strategies.

"This is what IMG has been doing for 50 years, both at IMG Academies in Florida and many other places around the world. As a consequence, the commercial performance of sport and entertainment in India will be enhanced. IMG firmly believes that in order to build valuable commercial sports, entertainment and media assets it is at first essential to address infrastructural, coaching and accessibility challenges. This joint venture will address these challenges and in time, we anticipate, benefit from the commercial growth that follows," he added.

NNN