IMG and Elevation Motorsports Announce Agreement

CLEVELAND Dec. 23, 2002; IMG has reached an agreement to sell most of its North and South American motorsports business to Elevation Motorsports.

Elevation is owned by Denny Young and Steve Lindecke - both currently senior executives at IMG who oversee the motorsports division. IMG will have a financial stake in this new company and Elevation Motorsports will continue to be affiliated with IMG.

"We believe running this business as an independent company offers the best future potential for our motorsport interests to grow and that this transaction will allow both IMG and Elevation to achieve the best possible results," said Bob Kain, President and Chief Operating Officer - IMG Americas. "This is a totally cooperative arrangement that serves both entities business needs at this time and we look forward to helping Steve and Denny reach their goals."

Young, who will serve as President of Elevation Motorsports, said, "As Steve and I looked at our team of people and the collective careers of everyone moving forward, we identified areas of interest to us - where we could be very successful - that fell outside of IMG's core business and scope. We are grateful that IMG is providing all of us with a wonderful opportunity to continue working hand-in-hand with them to further build an already successful motorsports business, as well as maintaining the ability to pursue some other exciting projects."

Lindecke, who will be Managing Partner, added, "We have amazing personnel who excel in the areas of sales & marketing and execution and we are excited that our team will remain intact as we make this transition. They are clearly the backbone of the exceptional service that we provide our clients."

Young, an IMG Senior Vice President, has been with the firm for 10 years. Prior to joining IMG, Young was Director of Marketing with Belkin Productions - one of the country's largest concert promoters, now owned by Clear Channel Entertainment.

Lindecke, an IMG Vice President, has been with the company for 17 years spending his time in Corporate Sales, Athlete Representation, Event Management, Motorsports and Olympic Sports.

Elevation will commence operation on January 2, 2003 with 20 employees and will operate offices in Cleveland, Charlotte and Ft. Lauderdale. As a part of the agreement, IMG will continue using Elevation Motorsports as its exclusive motorsports arm in North America and South America for an extended period of time. Currently, IMG Motorsports provides marketing and management services for Dale Jarrett, Steve Park, Gil de Ferran, Mo Nunn Racing, Jason Leffler and others. Corporate marketing programs include Albertsons, General Mills, UPS, AT&T Broadband, Pioneer Electronics and others.

IMG will continue its role as the promoter of two CART races (Australia and Cleveland) and will continue to represent NASCAR superstar Jeff Gordon.

IMG was founded by Mark H. McCormack in the early 1960s. The company is the world's premier sports management and marketing agency, with an international staff of more than 2,500 in more than 80 offices in 32 countries. Its television division, TWI, is the largest independent distributor and producer of televised sports and annually produces and distributes 9,000 hours of original programming in over 240 sports to more than 200 countries. Every day of the year, IMG is commercially involved in an average of 11 major sports and cultural events around the world, represents the interests of major corporations, is the world's largest licensing agency and is a leading literary agency and book packager. IMG Artists is the world's foremost manager and producer of classical musicians, IMG owns and operates top sports and fitness academies, and IMG Models is the world's number one international model management firm.

IMG's clients include Tiger Woods, the U.S. Olympic Committee, Venus Williams, Serena Williams, Derek Jeter, Major League Baseball, Peyton Manning, Vince Carter, Jaromir Jagr, Jennifer Capriati, Chris Evert, Martina Navratilova, John McEnroe, Wimbledon, Arnold Palmer, Jack Nicklaus, Sergio Garcia, Karrie Webb, Annika Sorenstam, Nancy Lopez, USGA, Elizabeth Hurley, Liv Tyler, Gisele, Tyra Banks, New York Fashion Week, Scott Hamilton, Kristi Yamaguchi, John Madden, Bob Costas, Jim Nantz, James Brown, Michael Johnson, Joe Montana, Steve Mariucci, Marty Schottenheimer, Charles Barkley, Picabo Street, "Sugar" Shane Mosley, Itzhak Perlman, the Corrs, Jack Welch, the Nobel Foundation, the GRAMMYS®, the Kennedy Space Center, the Smithsonian Institution, the WTA Tour and the Royal and Ancient Golf Club of St. Andrews.