Ovitz Out At IMG

Michael Ovitz, founder and onetime head of CAA, made a bid to take over IMG, the world’s largest sports agency, that reportedly has backfired in a big way – with his own departure from the firm’s board of directors.

TheWrap, via Reuters, reported Oct. 6 that Ovitz was asked for, and delivered, his resignation by IMG’s board after challenging IMG Worldwide Chairman Ted Forstmann, who is seriously ill with cancer. TheWrap reported that Ovitz attempted to create an “executive committee” within the board for management to report to instead of Forstmann and IMG President/CEO Michael Dolan.

But other members of the advisory board rejected the idea, and turned on Ovitz – considering the move to be disrespectful of Forstmann, according to The Wrap. The blog also reports that board members Jerry Perenchio, ex-CEO of Telemundo and Irving Azoff, also Live Nation’s executive chairman, are now “leading the charge to get Ovitz booted.”

Dolan reportedly asked Ovitz to resign Oct. 3. The entertainment news website said it wasn’t clear if Ovitz voluntarily resigned or if Forstmann made the move to legally dismiss him. Herb Siegel, an Ovitz board ally, reportedly was also asked to resign but a source told TheWrap he was expected to argue that he had been “co-opted” by Ovitz.

IMG clients include Tiger Woods, Roger Federer, Nike and Rolex.