Media and advertising agency Madison will acquire a majority stake in cricket's "little master" Sunil Gavaskar's sports management company, Professional Management Group. An announcement to this effect is expected to be made soon.
Sources close to the development said, "Madison will invest in expanding the business, while PMG's expertise will be used to usher in growth."
One of the first sports management companies in the country, PMG's various achievements include the Ceat Cricket Ratings - India's first cricket awards, The Castrol Indian Cricket Awards and the Signature Club Golf Championship.
The acquisition will mark Madison's foray into the sports genre which is emerging as a hotspot for most advertising companies. Madison, which was founded by Sam Balsara in 1988, already operates in the advertising, public relations, media verticals, among others.
In recent times other advertising agencies like Rediffusion DY&R, Ogilvy & Mather and ad networks like Havas have been betting on sports.
In 2003, Rediffusion DY&R picked up a 49 per cent stake in Showdiff, a talent and event management company owned by former cricketer Ravi Shastri.
Last year, O&M forayed into sports marketing with the launch of Ogilvy Sports. Shortly thereafter, Vyas Giannetti Creative launched its own sports marketing firm, Vyas Giannetti Creative Sports.
Havas Sports (the international sports marketing entity) has been launched in India under MPG, the media arm of the Havas Group.With Havas Sports India, the Havas group which is attempting to make a mark in India, hopes to offer sponsorship consultancy, sports marketing consultancy and sports event consultancy.