The new company will focus on providing new and existing clients with strategic consulting, identification and purchase of sponsorship opportunities, activation and measurement expertise of sponsor marketing campaigns.
The firm has been formed as a 50:50 joint venture between the two WPP-owned firms.
David Stubley, formerly the managing partner of Alan Pascoe's agency Fast Track Sport & Events has been appointed as chief executive.
The business will combine the existing BroadMind/Global Sportnet consulting teams and open its doors with four offices in London, Hamburg, Stockholm and Milan and plans to grow rapidly through a combination of organic growth and acquisition.
Commenting on the formation of the new agency, David Stubley said: "I have always believed that the major communications groups are best placed to provide brands with strategic and independent advice on how to unlock value from an involvement in sport. WPP has recognised the opportunity and that the way to do this, is to create a focused business within this arena.
"This new company will build on the firm foundations that exist with the joint venture partners and so benefit from access to the media and insight knowledge of MindShare, along with the sports marketing background and expertise of Global Sportnet. This is a unique and powerful combination and I'm delighted to have been chosen to lead this initiative."
Added Thomas Martens, chief executive of Global Sportnet: "Global Sportnet has over the past years developed a successful sports consulting business alongside its core sports rights business.
"Having joined WPP 20 months ago, one of the objectives was to bundle and make use of the synergies across the Group for sports marketing purposes and after having experienced very positive results already we are pleased to now collaborate with MindShare on this joint venture. It will provide our clients with even greater expertise and I feel sure will facilitate further synergies across WPP."
Global Sportnet specialises in the marketing of exclusive and worldwide broadcasting rights to European soccer matches and the sponsorship consultancy of blue-chip clients across various sports.
