World Sport unveils shake-up
World Sport is undergoing a radical shake-up after being rocked by the slumping world economy.
The group says the slowdown had "severely affected" the advertising and sponsorship sectors and it had not anticipated the severity of the cutbacks in global marketing budgets following the September 11 attacks.
It has therefore decided to pull out of cricket and football, focus on its golfing interests and change its name to Parallel Media in an attempt to turn round its fortunes.
World Sport specialises in the Asia-Pacific market and its golfing arm manages and develops commercial rights for the Asian PGA Tour, PGA Tour of Australasia, Evian Ladies European Tour and Tour de las Americas.
World Sport says this part of the business is profitable but the football and cricket divisions require long-term investment.
