Saturday, November 13, 2010

Management Betting on Clients - Ted Forstmann

Chairman of the most powerful management company (IMG) in Tennis Ted Frostmann has been accused of betting millions of dollars on sports events including tennis events involving his own clients such as Roger Federer.  Forstmann admitted to betting $40,000 on Federer to beat Rafael Nadal at the 2007 French Open final which Federer ended up losing.  Both Federer and Nadal are IMG clients.  Forstmann states he did nothing wrong it was just bad judgement.  Tennis just introduced an anti-corruption program this year which forbids management and entourages from betting on tennis so will probably be cleared of any wrongdoing.  These insiders have the most current and inside information such as player injuries and therefore should not be allowed to bet regardless if there was an anti-corruption program or not.  Although he lost this bet who knows how many other matches he won on insider information on his very own tennis player clients?

No comments:

Post a Comment