IMG 'Well Positioned' to Help India and China: CEO Forstmann
"The government is getting involved in a whole lot of places that didn't have anything to do with the crisis," Ted Forstmann Chairman and CEO of IMG, the largest sports management business in the world, told CNBC today.
Forstmann said the financial crisis was a matter of over-leverage, too much credit and "securities that had no productive purpose what-so-ever."
For more of Frostmann's take on the financial crisis, read his editoral in the Wall Street Journal.
Under Forstmann's leadership, IMG evolved its business model toward a global prespective, with a focus in India and China because of their rapidly growing middle class.
In India, "IMG is well-positioned to help them out," he said. The company has joined forces with Reliance Industries, India's largest private sector enterprise, in a 50/50 venture to build stadiums and raise capital. In China the company is partners with CCTV.
"If you are looking for growth and have something to offer, both these places [Indai and China]are terrific places to be. However you can't go there alone, its not America. You need a partners in both places."
"The Strategy Session," hosted by David Faber and Gary Kaminsky, airs weekdays at Noon ET on CNBC.