(Corrects seventh paragraph to show BearingPoint had a quarterly profit in the June period, in Aug. 13 story.)

Aug. 13 (Bloomberg) -- IMG Worldwide Inc., the sports promoter that manages Tiger Woods's career, sued BearingPoint Inc. over claims the company owes money for a consulting contract.

BearingPoint, which hired IMG to help terminate its role as a title sponsor in a Professional Golfers Association tournament last year, failed to fully pay the promoter for its services, lawyers for IMG said in a complaint filed today in federal court in Cleveland.

IMG negotiated with the PGA Tour on behalf of BearingPoint for title sponsorship rights in August 2007. In September, BearingPoint decided it no longer wanted that role and requested IMG's services in ending it. BearingPoint, based in McLean, Virginia, failed to pay the second installment of IMG's consulting fee due in February, according to the complaint.

``The consulting agreement is a valid contract which is binding on the parties,'' lawyers for IMG said in the complaint. ``IMG has performed in accordance with the consulting agreement and is entitled to payment of the consulting fee.''

BearingPoint spokesman Aaron Bedy declined to comment.

IMG is seeking unspecified damages. The amount of the fee was confidential, according to the complaint.

BearingPoint, which reported its first quarterly net income since 2004 in the period ended in June, fell 9 cents, or 7.9 percent, to $1.05 today in New York Stock Exchange composite trading. The company said July 18 that it was warned it may be delisted from the exchange because of the decline in its share price, which has plummeted 63 percent this year.

The case is IMG Worldwide Inc. v. BearingPoint Inc., 08-cv- 01964, U.S. District Court Northern District of Ohio Eastern Division (Cleveland).

To contact the reporter on this story: Sophia Pearson in Wilmington, Delaware spearson3@bloomberg.net

Last Updated: August 18, 2008 09:59 EDT