IMG Sports Head George Pyne Exiting to Form "New Venture"

George Pyne - H 2014
George Pyne - H 2014

He will stay on as a senior adviser.

WME-IMG sports head George Pyne is making his exit.

Pyne, the President of IMG Sports and Entertainment, said he is leaving to form a new venture but will remain a senior adviser to the agency.

In a statement, Pyne thanked the "many talented men and women" he worked with as well as the agency's "amazing clients." He also praised WME's Ari Emanuel and Patrick Whitesell.

“Ari Emanuel and Patrick Whitesell are entrepreneurs and dynamic leaders whom I greatly respect and admire, and I look forward to collaborating with them as I take this next step," said Pyne.

The co-CEOs said they were "grateful" for Pyne's contributions and that they "look forward to working with him in this next chapter.”

WME-IMG has suffered some losses since WME acquired IMG in a $2.4 billion deal.

In June, the University of Kentucky severed its 40-year relationship with the agency, signing with JMI Sports in a $210 million deal. On July 1, Syracuse University told sponsors it had terminated its agreement IMG that ran through 2020-21.