American Billionaire Sets Eye on Beijing Olympics

As the Beijing Olympics approaches, global talent agency IMG has gradually appeared on the Chinese horizon.

IMG successfully helped Volkswagen and Adidas became Olympic partners. It also assisted global giants such as GE and Johnson & Johnson to sponsor the Beijing Olympics.

Who is IMG and why is it so active in China lately? Behind the scenes is a prestigious financial tycoon: IMG President and CEO Teddy Forstmann.

Introduced by famous US investment banker and social activist Dr. Robert Lawrence Kuhn, who is regarded as an old friend of China, a Global People reporter had a memorable interview with Teddy Forstmann, the legendary billionaire.

Teddy Forstmann's office is located on the 44th floor of No.767 on the Fifth Avenue in Manhattan. Out the window, one has a gorgeous view of Central Park. Forstmann has an athlete's physique and carefully combed pearl-grey hair. The exquisite suite and his blue tie made him look elegant and energetic.

"China is my major target!"

REPORTER: Mr. Forstmann, what do you think of IMG's operations in China?

FORSTMANN: China is my major target! According to my target management methods, I always meticulously put my targets in order and put other things aside. Now, China is a very important target for me, so I'll put most of my efforts in it. Business related to China will be given priority.

R: What is the point of penetration in approaching your goal in China?

F: I have fortunately invited Dr. Robert Kuhn and Adam Zhu to join IMG. They are both bankers with profound knowledge of China. Robert and I will in charge of making the development strategy in China. Adam will in charge of the business in China as the vice-chairman of IMG and chairman of the China business.

R: Did IMG have any foundation in China before?

F: IMG entered China 20 years ago. It has organized many competitions and sports marketing campaigns. In 1994, IMG assisted China's basketball and football associations to establish China's first professional basketball and football leagues: Chinese Basketball League A and Football League A. But there is still lots of potential for us to explore in China.

R: What are the emphases of IMG's China business?

F: We hope to actively explore China's sport, entertainment and fashion markets, backed by IMG's global resources and experiences. Meanwhile, we would like to introduce Chinese sports, culture and fashion to the world through our powerful global platform. We have great business opportunities in these fields. For instance, with the support of the State Council Information Office, the Ministry of Culture and the Shanghai Municipal Government, we have brought an Chinese acrobatics show, "Swan Lake," produced by Shanghai City Dancing Company under Shanghai Wenxin Group, to Broadway. We plan to show it around the US. We also plan to organize various promotional activities to attract the attention of the media to introduce the 2008 Beijing Olympics and 2010 Shanghai World Expo, as well as Chinese history and culture, to American audiences. This enhances cultural communication between the two countries and is a new breakthrough for us.

R: You attach much importance to China. How much do you know about the country?

F: I was in China 10 years ago, but didn't really review the market there. Last April, I went to China again to learn about the big changes happening there and its market. This was my first visit after I bought IMG. I had a long chat with Beijing Mayor Wang Qishan about cooperation between China and IMG, especially regarding IMG's involvement in the Beijing Olympics.

R: You mentioned Shanghai just now. Do you think IMG should attach more importance to Beijing or Shanghai?

F: China is a big country. Different regions have their own characteristics and advantages. Dr. Kuhn and Adam have led directors of departments to different places. Besides developing regions such as Beijing, Shanghai and Shangdong, they also visited Gansu, which has abundant culture resources. Now, our teams are discussing related cooperation projects.

R: What do you think is the key point for IMG to achieve success in China?

F: I always tell others that Forstmann's success secret is "good target and good management." It also refers to IMG's cooperation with China. We stress introducing experts and experiences to China and have exchanges in sports, mass communication and new media. For instance, at the tennis department of IMG Academy in Florida, there are several excellent young Chinese players who might be big stars in the future. We will also introduce our management methods to China in order to train good players there.

"The Beijing Olympics will be IMG's important showcase"

R: In supporting the 2008 Beijing Olympics, what are your requirements for your employees?

F: I have told my colleagues in China that with our experiences in attracting funds, broadcasting games and promotion in past Olympic Games, we have to better involve ourselves in projects related to the Beijing Olympics in order to learn about China, its culture and people better. I hope we can establish good emotional ties with China.

R: Are you satisfied with their work?

F: I feel quite proud of our team on Olympics projects. Through their work, we have pushed the sponsorship of several global giants for the Beijing Olympics in a short time, including GE, Adidas, Johnson & Johnson, Volkswagen and Visa. It doesn't only mean capital support, but also global involvement that will make the games become a historical spectacle.

R: Are there any other things IMG will do for the Olympics in China?

F: We will explore further cooperation with Chinese cultural companies, helping athletes and audiences from all over the world to enjoy Chinese culture during the Game. I have required directors of entertainment and performance departments to hand in schemes as soon as possible and hope to have breakthroughs in cultural activities. The Beijing Olympics are an important showcase for IMG. We will make it best.

R: I heard that there will be a "big move" of IMG before the Beijing Olympics. Can you tell me something about it?

F: The events department of IMG is intensively working on the scheme of a yearlong campaign called "China Olympics Journey." The campaign involves eight multinational companies. Each one of them will build a themed exhibition hall. Eight enterprise exhibition halls and a central Olympics hall will constitute an interactive theme park, holding different educational and entertainment activities related to the Olympics. It will offer an opportunity for people who can't who can??t personally experience the Olympics in Beijing to participate in the Game. The campaign will start from the summer of 2007 and tour around 20 cities until the Olympics start in 2008. IMG will invest human resources onto this promotion project.

During the interview, Ted Forstmann was occasionally interrupted by important business. Dr. Kuhn and Adam then took the chance to tell the reporter about their feelings about Forstmann. Dr. Kuhn said, "Mr. Forstmann might be the most insightful entrepreneur I have ever met. He is only interested in big deals. Before I first met him, he had decided that an important part of IMG's business would be in China. That is not because he knew a lot about China at that time, but he understood how important will China be in the future. That is why he decided to connect IMG's future to China's development."

Adam Zhu added, "Mr. Forstmann is a passionate person. Before I joined IMG, he had told me several times, "Adam, only passion can help you achieve success. Do you have a passion for our careers? If you love it, then you should join us.' Whether he is giving a speech, on the golf course, or in the conference room, every time when I meet him, he looks energetic and full of passion."