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.