Founder, chairman and CEO of International Management Group (IMG), the Chicago-born McCormack almost single-handedly ushered in the world of sports management, going on to play a key role in how much athletes were paid and how their images were portrayed.
The charismatic Palmer, with his powerful television persona, proved to be an inspired first choice and McCormack soon expanded his business by contracting Jack Nicklaus, Gary Player and Olympic ski champion Jean-Claude Killy.
Although he died at the age of 72 in 2003 after a heart attack, McCormack's legacy lives on. There is hardly a sportsman or woman playing at the top level today who is not represented by IMG or its equivalent.
Andrew "Chubby" Chandler, whose International Sports Management company looks after British Ryder Cup players Darren Clarke and Lee Westwood among others, pinpointed the essence of effective sports management.
"My main role, quite simply, is to allow them to play well," said the former European Tour player. "My job is to take away all the distractions that they might have in their lives and encourage them to focus on their golf, and on not a lot else.
"And that could be anything from buying houses, doing their taxes and investments, planning their playing schedules, doing their flights, doing their hotels, even buying a couple of rock concert tickets -- just about anything that helps to make their lives easier.
EASIER LIVES
"All of this is a throwback to when I used to play and I had to work all those things out for myself. It really was a pain in the arse."
Chandler, who competed on the European Tour from 1974 to 1989, launched his career in sports management when Northern Irishman Clarke decided to turn professional in 1990.
"Darren looked at me and said: 'Okay I'm going to turn pro and I want to play golf. Can you do everything else?' That's how it all began for me and that's how it has carried on."
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Clarke has come close, with three top-seven finishes at the British Open, while Westwood tied for fifth at the 2000 U.S. Open and shared sixth place at the 1999 U.S. Masters.
"The real highlight is yet to come, though," said Chandler. "It could be any major but I'm sure one of them will win a major before not too long.
"Obviously Lee winning the European money list in 2000 was big and his 25 titles worldwide have all been highlights. And as for Darren, his two WGC (World Golf Championships) wins were simply magnificent."
SECOND CROWN
Clarke became the first European to win a WGC title at the 2000 Accenture World Matchplay Championship, beating David Duval in the semi-finals and Tiger Woods in the final.
He went on to clinch his second WGC crown at the 2003 NEC Invitational.
"But neither Lee nor Darren are where they want to, and can, get to yet," added Chandler.
However, he has a good feeling about this year's majors in the belief that all four venues are particularly well suited to Clarke and Westwood.
"I think they both have the necessary attributes to compete at Augusta (permanent venue for the U.S. Masters), and Pinehurst, which is staging the U.S. Open, brings them both into the picture," he said.
"Pinehurst is not really a typical U.S. Open course, with tight fairways and thick rough, but instead it's a little bit linksy. Darren finished tied for 10th the last time the tournament was played there.
"They both have good records at St Andrews (where the British Open will be played), particularly since Lee has started liking the layout. I think they will also enjoy the classic nature of Baltusrol for the U.S. PGA Championship."
If that major breakthrough is to happen this season, Clarke and Westwood will have to take charge out on the course. Like any good sports manager, Chandler and his team will have taken care of pretty much everything else.
