Mukesh Ambani in race to buy IMG Worldwide

IMG is headquartered in New York and its owners expect it to fetch close to 3 billion. It represents stars such as Rafael Nadal,Novak Djokovic,Maria Sharapova,Venus Williams,Lindsey Vonn and Jackie Stewart.

IMG also manages events such as the IPL,the Australian Open and Wimbledon.

IMG Thursday hired Morgan Stanley and Evercore Partners Inc. to find a buyer,with first-round bids likely in July. Its an attractive property. There are four to five prospective buyers,including businessmen from Brazil,UK and Qatar. However,Ambanis association with IMG and his relationship with the current owners make him the favourite, a source said.

Ambani partnered with IMG to form IMG-Reliance in 2010 and it currently holds commercial rights for football and basketball in India.

IMG spokesperson Jim Gallagher declined to comment.