Directorate Change & Disposal

RNS Number:8284L
First Artist Corporation PLC
03 June 2003


Embargoed until 0700                                                 3 June 2003


                         FIRST ARTIST CORPORATION PLC
                       ("First Artist" or "The Company")

               Directorate Change, Disposal and Restructuring


First Artist Corporation, (LSE: FAN), the leading global football management and
representation company, today announces the resignation of Vinicio Fioranelli as
Executive Director, with immediate effect, the disposal of its shares in
International Profoot Services Group (IPS), and the restructuring of its
European operations.

Fioranelli is resigning as an employee and director of the Group, including its
wholly owned subsidiary FIMO Sport Promotion AG ("FIMO"), in order to pursue his
own interests. He is buying First Artist's stake in IPS, a service company
providing peripheral services to football clients.  IPS is a joint venture
between First Artist Corporation, Media Global (Spain) and Superfute SA
(Portugal).  First Artist will receive CHF35,000 as consideration for its 33.33%
stake.  In addition, IPS will repay CHF65,550, representing the costs sustained
by First Artist since inception, incurred on behalf of its partners.    In
addition, IPS will repay a $35,000 shareholder loan made by First Artist in the
business.

First Artist will enter into a collaboration agreement with Fioranelli and share
in Fioranelli's agency activities for the foreseeable future.

The disposal is the result of First Artist's commitment to reducing overheads as
part of its ongoing cost base restructuring programme.  Furthermore, First
Artist Wealth Management, a new division launched in February 2003, offers
football clients many of the wealth management services expected to be provided
by IPS, including accountancy, taxation, financial services, mortgage and
insurance services.

It has been agreed that Fioranelli, who joined the Company in December 2001,
through the acquisition of FIMO, will transfer back to the Company for no cash
consideration, up to 70% of his shares in First Artist Corporation, for
cancellation.

The value of First Artist's original investment in FIMO will be further reduced
on the balance sheet as a result of the Board varying the terms of the FIMO
agreement, as at 30 June 2001, to allow Fioranelli to collect outstanding
deferred receipts for the original vendor's own account.

The restructuring programme will also see FIMO re branded as a single entity
called 'First Artist Europe' and Promosport, renamed 'First Artist Italy'.
Vincenzo Morabito, who co-founded FIMO with Fioranelli in 1997, will remain
responsible for the day-to-day running of First Artist Europe.  Claudio
Vigorelli, a FIFA agent and current employee of First Artist will become head of
First Artist Italy.  The office in St Gallen, Switzerland will be reduced in
size, thereby further cutting fixed overheads and will continue to be the head
office of First Artist Europe.

First Artist Corporation remains a leading agency within Europe.  First Artist
will continue to develop professional relationships and collaborate with
Fioranelli, Superfute, Media Global and other agencies when working across
borders.

Jon Smith, Chief Executive, First Artist Corporation commented, "we are
committed to maintaining a strong presence in Europe through these new
operations whilst significantly reducing our fixed cost base.  We are confident
about the long term viability of football sector and although early days, we
have been extremely pleased by the activity levels in the initial stages of the
current summer trading window."

The Directors of First Artist Corporation, having consulted with their advisors,
consider that the terms of the transaction are fair and reasonable and would
like to thank Vinicio Fioranelli for his contribution to First Artist over the
past two years.



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For further information, please contact:

WMC Communications                                             020 7591 3999
Scott Learmourth / Jo Livingston


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