Two Reports: Steiney Was "Too Expensive To Keep"

Michael Smith in Sports Business Daily follows a Mark DeCambre New York Post report in which both cite sources saying IMG had decided agent Mark Steinberg was "too expensive to keep." His $3 million package for 2011 was not justified by the reduction in fees produced from the product known as Tiger, each reports.

More stunning was the decline in IMG Golf's revenue, a combination of Tiger's decline, other players slipping or leaving, and the economy.

Smith's SBJ report (subscription required) reveals:

• Post Tiger scandal, profits from the golf division dropped to $15 million in 2010 after Woods brought in $1.1 million.

• IMG the agency netted $85 million in 2009, $110 million in 2010 and projects $140 million this year. The Golf division accounted for a quarter of the company’s profits in 2009 but only figures to account for 10% this year