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Tiger's Manager Sued Over Alleged Shady Betting

10/13/2010 7:20 PM PDT BY TMZ STAFF

A blockbuster lawsuit was just filed against the company that manages Roger Federer and Tiger Woods, alleging the owner of the company bet millions of dollars on sporting events, used inside information to wager on a Federer match and bet against his own client, Tiger Woods.    

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IMG -- one of the biggest sports management companies in the world -- is being sued by a printing company, which allegedly served as a gambling go-between and even provided escorts for the owner of IMG, Theodore Forstmann.

According to the suit, filed in L.A. County Superior Court and obtained by TMZ, Agate Printing, Inc. claims it made millions of dollars in bets on Forstmann's behalf, and that Forstmann covered some of his losses on IMG accounts.

The suit claims Forstmann actually bet against some of his own clients -- in particular Tiger Woods.  In one case Forstmann allegedly bet against Tiger when he was competing against Vijay Singh, a "so-called close personal friend" of Forstmann and client of IMG at the time.

The suit alleges Forstmann loathed Tiger, often referring to him and other African Americans as "schwartzas" -- and allegedly making other derogatory comments about "blacks, Jewish people, and other minorities."  The suit alleges Forstmann also criticized Woods' lifestyle decisions.

And the suit goes on, alleging tennis star Roger Federer gave Forstmann inside information about a tennis match in which Federer competed. The suit claims in one case Forstmann raised his bet from $10,000 to $40,000 after receiving the inside info from Federer.  We're told the match in question was the 2007 French Open final.  Ironically, Federer lost to Rafael Nadal.

The reason Agate filed suit -- because Forstmann allegedly breached an agreement to give his company printing business.  Agate also claims Forstmann left his company holding the bag on tax liabilities for the gambling losses.

Forstmann's rep, Michael Sitrick, tells TMZ, "The allegations in James Agate's complaint are beyond false, they are preposterous."  Sitrick also says in an April, 2009 letter, Agate admitted concocting lies and spreading false information about Forstmann. 

Sitrick says Agate filed a similar lawsuit against Forstmann in 2008 which was dismissed.  And Sitrick says, "Unfortunately, people like Agate look at people like Forstmann as the lottery." 

No immediate comment from Federer's rep.

To read Sitrick's full response on Forstmann's behalf, click here.




For more sports stories, check out tmzsports.com!
20 COMMENTS

No Avatar
1.

Chia    

Wow! This is huge.

I don't trust gamblers. The are looking for an easy way to get money (not willing to work for it).

1288 days ago
2.

Tim    

Why do people care that he bet against "his close friend" its a bet u ****ing *******s hes trying to make money , its not about believing in his friend its A BET, the point of a bet is to win

1288 days ago
3.

moussemaker    

It's not huge since
"Sitrick says Agate filed a similar lawsuit against Forstmann in 2008 which was dismissed."

1288 days ago
4.

Bronson    

Hey Tiger, now you know why all that ***** came so easy and the deck of cards you called your life tumbled down to easily ... when you eat with the devil you have to eat with a long spoon!

1288 days ago
5.

Observer999    

Federer talking to his agent or manager about how good (or bad) he feels, whether he has an injury, or whatever, is normal practice and not inappropriate at all. Betting on sports isn't like trading on the stock market: use of insider info is commonplace and, depending on where the bet was placed, not even illegal.

Federer's worth is estimated at $200 million plus; he doesn't need to mess around with betting schemes.

1288 days ago
6.

Phil    

Tiger should have bet against himself as a husband and father. He would have made a fortune!

1288 days ago
7.

Bippy    

Lawyers should have people with estates to read a pre-signing agreement in that they read the fee schedules that the lawyers will be charging and a set of rules that the estate must abide by - SUCH AS -"SKINNY IT UP - TAKE ALL OF YOUR CLOTHES OFF - NOW BEND OVER AND TOUCH YOUR TOES AND AFTER i AM FINISHED I WILL TELL YOU WHEN - PLEASE STAY STILL WHILE WE ARE DOING THIS ADMINISTRATION OF YOUR ESTATE AND WE WILL LET YOU KNOW WHEN WE ARE FINISHED DOING YOU AND YOUR ESTATE TO THE MAX".

F**K YOU VERY MUCH!!

1288 days ago
8.

Truth    

YES, IT'S ALL TRUE...

1288 days ago
9.

ginny    

if you are surprised by this you are a jerk!! this **** goes on every minute of every day...

1288 days ago
10.

ginny    

truth, you are such n ass!!!

1288 days ago
11.

Superman    

I don't doubt it at all. Everywhere is corruption!

Well, I had to look up the "schwartza" reference, because I never heard of it before. Urban Dictionary has it as a "Yiddish or German term meaning 'black person'. It is not a hateful term."

1288 days ago
12.

azlee    

this is big, but did you have to do the tiger picture. give the man a break. geez

1288 days ago
13.

daveaustin    

""alleging the owner of the company bet millions of dollars on sporting events, used inside information to wager on a Federer match and bet against his own client, Tiger Woods""
I love TMZ because of such breaking news.
It seems Tiger again in controversies these days.

http://www.hubpages.com/hub/How-To-Grip-A-Golf-Club/

1288 days ago
14.

Brinson Gottshalk    

Incorrect and impromper civil liberties on the terms and definitions of "escorts" will become the bane of all management teams... keep it up ... watch as the spiraled shank will continue to produce suits most of them of the oompah loompah kind. Make room for the next generation currently unavailable to your reporting agencies :) /bg/

1287 days ago
15.

Max    

Whoa unbelievable how so many sports figures gamble. They have a crew including Pete Rose and Michael Jordan. I saw some people talking about comments relating to IMG suit in LA at http://yourview.com.

1287 days ago
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