IMG Says It Didn't Direct Golfers To Stanford Financial
CNBC Sports Business Reporter
Earlier today, the New York Post reported that IMG "quietly agreed to steer clients looking for investment advice to Stanford Financial Group, potentially exposing them to millions of dollars in losses resulting from the financial firm's alleged fraud.
The article went even further by saying that Stanford agreed to pay a consulting fee in exchange for advising IMG golf clients, which include Tiger Woods, Arnold Palmer, Sergio Garcia, Annika Sorenstam, Vijay Singh, David Toms, Anthony Kim and Paul Azinger.
Well, we just got this response from Mark Steinberg, senior corporate vice president & global managing director of IMG Golf.
"The suggestion conveniently made by "unnamed sources" about IMG's business affairs involving our clients in today's New York Post is complete fiction, designed to benefit the people making the claims, and is completely irresponsible.
IMG's 50-year history of success is built upon staunchly protecting the professional interests of our clients. IMG does not give investment advice to our clients...period. Our agreement with Stanford is only to provide consulting services in the area of sponsorships and activation in golf. We do not now, nor have we ever had, a 'quid pro quo' agreement with Stanford or anyone else where IMG would be compensated in exchange for directing our clients to invest with them. We could not have maintained our near half century lead in the industry if we had done anything else. For 'unnamed sources" to imply otherwise is simply reprehensible."
Golfer Vijay Singh, who is playing today in the first round of the Northern Trust Open in California, will continue to wear Stanford Financial logos on his hat and shirt.
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