Former News Corp chief operating officer Peter Chernin could be getting into sports and fashion representation.

Industry website sportbusiness.com has reported that Chernin has joined with CVC Capital to make a $2 billion bid for IMG.

Founded in 1960 with a handshake between Mark McCormack and golf legend Arnold Palmer, IMG has become a giant global operation. It was acquired by Ted Forstmann in 2004, and has been headed by Michael Dolan since his death in 2011.

Chernin – who was chief operating officer of News Corporation until 2009 – agreed to make a joint bid with CVC through his TCG investment firm in return for a seat on the IMG board.

CVC would have a 60 per cent stake in IMG, whilst TCG will acquire 20 per cent along with Bahrain Mumtalakat Holding Company, which owns the Bahrain Formula 1 racing circuit and is a shareholder in McLaren racing, Sky News has reported.