Bids for sports, fashion and media agency IMG Worldwide have hit $2.7 billion, The Post has learned, topping initial expectations.
A group headed by Peter Chernin and CVC Capital has recently tendered the highest bid, sources said.
The 53-year-old agency, founded by the late Mark McCormack, was thought to have a valuation of around $2 billion, said sources.
Forstmann, Little & Co. acquired IMG in 2004 following the death of McCormack. The mega-agency was put on the block after Ted Forstmann died in 2011.
Talent shop William Morris Endeavor is expected to meet with IMG bankers on Friday.
Chernin and CVC Capital, which owns Formula One racing, are partnered with two Middle Eastern Groups — Abu Dhabi Investment Group and Mumtalakat, according to reports.
While some flagged Chernin’s group as the top bidder, one source close to the CVC-backed group said that wasn’t the case.
Reps declined comment.