MUMBAI: Sports marketing agency IMG Worldwide chairman, CEO Ted Forstmann has passed away.

The 71 year old was a founding partner of private equity firm Forstmann Little & Co. He bought out IMG in 2004 for $750 million.

IMG put out a statement that reads, "It is with great sadness that IMG Worldwide announces the passing of its chairman and CEO, Theodore J "Ted" Forstmann. Forstmann passed away after a courageous battle against brain cancer."

Under Forstmann, IMG expanded into key markets like India, China and Russia. In India it formed a JV with Reliance and also helped managing the operations of the Indian Premier League (IPL) among other things.

IMG?s statement further notes, "Under his leadership, IMG experienced unprecedented domestic and international growth. Today, IMG is a worldwide leader in the sports, fashion and media industries with a group of best-in-class businesses.

The statement adds that prior to acquiring IMG, Forstmann had already achieved legendary status in the financial world as the head of Forstmann Little & Co., a preeminent investment firm he founded in 1978 with his brother Nick Forstmann and close friend Brian Little.

"Forstmann Little had an unparalleled record of investment performance, generating superior returns for its investors. Under Forstmann?s leadership, the firm made 31 acquisitions and investments, and ultimately returned more than $15 billion to its investors."

IMG?s statement says that Forstmann was also a philanthropist in every sense of the word. "He was most passionate about children?s causes, but rarely missed an opportunity to dedicate his time or make a financial contribution to other charitable organisations or goodwill groups. Recently, Forstmann joined some of the wealthiest individuals and families in America as part of The Giving Pledge - a commitment to donate the majority of his wealth during his lifetime to the philanthropic causes and charitable organizations closest to him."