Ted Forstmann, former investment banker and Boss of IMG Worldwide, has died carrying out a fight with brain cancer. He was 71.The organization introduced Forstmann’s dying on Sunday, writing on its website:”It’s with great sadness that IMG Worldwide announces the passing of their Chairman and Ceo, Theodore J. (“Ted”) Forstmann. Mr. Forstmann died today following a courageous fight against brain cancer.”Forstmann was among the top figures within the entertainment industry along with a leading Wall Street investor who brought the earth’s biggest sports talent agency, IMG, since obtaining the organization in 2004.

IMG may be the biggest sports agency on the planet, representing sports stars from Tiger Forest and Roger Federer to corporate behemoths including Nike and Rolex watch.

Just before purchasing IMG, Forstmann co-founded an investment firm Forstmann Little & Co.

Under his leadership, the firm made 31 purchases and opportunities, and ultimately came back a lot more than $15 billion to the traders in companies for example Gulfstream Aerospace, that the firm brought inside a dramatic turnaround story, General Instrument and Dr. Pepper.

Inside a drama that unfolded only a couple of days ago as Forstmann resided the ultimate chapter of his existence, his lengthy-time friend Michael Ovitz and IMG board member attempted to wrest charge of the organization from him.

Sick because he was, Forstmann marshaled his board and instructed that no further discussion from the matter leak towards the public. Ovitz was kicked from the organization and COO Mike Dolan remained in control.

Additionally to his formidable business career, Forstmann would be a leading philanthropist, pledging to give nearly all his wealth to worthy causes in the lifetime. In 1998, he co-founded the kids Scholarship Fund (“CSF”), the nation’s biggest charitable organisation supplying educational scholarship grants to low-earnings families.

Within the eighties, Forstmann seemed to be a higher-profile critic from the junk-bond movement on Wall Street who notoriously lost a putting in a bid war for Nabisco — a tale chronicled within the book and subsequent movie adaptation “Barbarians in the Gate.”

Forstmann graduated from Yale College and received his law degree from Columbia College. He received honorary doctoral levels from Pepperdine College and Siena College.

Forstmann used to be romantically associated with Princess Diana.

IMG hasn’t introduced a alternative.

The organization stated the Forstmann family asked buddies to call at Frank E. Campbell on Madison Ave. on November 21-22.