Endeavor Exploring Sale of IMG Academy Business
Endeavor is considering a sale of IMG Academy, the company’s sports training and boarding school business, according to multiple people familiar with the plans.
The company (NYSE: EDR) recently was contacted by interested parties about the academy, and those conversations are ongoing, said the people, who were granted anonymity because the talks are private. It’s not the first time outside groups have inquired about IMG Academy—Endeavor has rejected other offers for the business over the past two years, the people said.
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It’s unclear who has expressed interest or what the business might be worth. A representative for Endeavor declined to comment.
IMG Academy is comprised of a boarding school, camps, online coaching and recruiting assistance, primarily for elite young athletes in more than a dozen different sports. The boarding school has more than 1,400 full-time students, with an additional 15,000 athletes participating in camps throughout the year. The business includes the group’s main facility in Bradenton, Fla., which Endeavor owns.
IMG Academy’s business is housed under Endeavor’s “events, experiences and rights” reporting segment. While the company doesn’t break out specifics within that unit, the group’s revenue increased by more than 20% during the 2022 fiscal year to $2.45 billion, according to Endeavor’s year-end disclosure. The $420.7 million boost was attributed to the full-fledged return of live events in 2022 as well as the acquisitions of properties including the Madrid Open tennis tournament, and $50 million in revenue related to OpenBet.
IMG Academy’s roots date back to 1978 with what was then known as the Nick Bollettieri Tennis Academy. Athletes who trained there include Andre Agassi, Monica Seles, Maria Sharapova, Venus Williams and Serena Williams. In the 1990s, the group’s footprint expanded to include golf, then soccer and baseball, and it has continued to grow since then. IMG’s football and boys’ basketball high school teams are both among the best in the country, and notable academy alumni include Cam Newton, Gary Sheffield and Landon Donovan.
Endeavor acquired the business in 2014 as part of its $2.3 billion purchased of IMG. It is currently run by former Endeavor chief corporate development officer Brent Richard and former IMG College president Tim Pernetti.
(This story has been updated in the final paragraph with details of IMG Academy’s leadership.)
With assistance from Emily Caron.
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