Sportradar announced that Craig Felenstein, a senior executive with extensive financial experience, will be its new Chief Financial Officer. This appointment is effective from the 1st of June.
Felenstein replaces Gerrard Griffin whose departure was confirmed earlier in the year by Sportradar. Griffin will leave his business at the end of May.
Felenstein comes to Sportradar after serving at Lindblad Expeditions as the CFO. He has held this position since September 2016. Felenstein worked at Shutterstock for Shutterstock, as vice president of strategic finance and investor relations.
Felenstein worked for Discovery Communications in the early years of his career. He held various positions in the investor community, such as executive vice president of investor relations.
Felenstein held a role similar to his at News Corporation, and he also worked in various financial roles with Viacom.
Felenstein stated that “Sportradar is a leader in the global market for sports technology, which has been growing rapidly.” The company’s strong product offering, content and innovation commitment will allow it to achieve sustained growth.
Sportradar’s CEO Carsten Krl said: “With Craig’s international experience, and his successful track record as CFO of US-listed public companies I am confident that Craig will be an excellent addition to our Team.
His track record in driving financial strategy and creating shareholder value is crucial to our success.
Sportradar restructures its organisation
In January, the new leadership structure and confirmation of Griffin’s departure as CFO were both announced.
Six business functions are part of an initiative that aims to simplify the organisational structure of its worldwide operations. It saw senior staff members move to new positions and assume additional responsibilities.
Warren Murphy, formerly chief content officer, is now the chief delivery and operation officer. He oversees product delivery as well as operations. Nick Maywald is now the chief growth officer and innovator, replacing Nick Maywald as chief content officer. He will be responsible for innovation and growth.
Eduard Blonk, Chief Commercial Officer, is leading the commercial functions, including sales, customer service and care, sport partnerships, marketing, and communications.
Lynn McCreary is the chief administrative officer as well as chief legal officer. She also serves in her capacity of corporate secretary. Severine Rivier-Gerstner, chief people officer, now also oversees the sector of people.
Griffin, who currently leads the Finance function at Sportradar, will step down from his position as CFO in order to allow Felenstein to take over. Ulrich Harmuth is also leaving Sportradar as chief strategy officer. He is moving on to other endeavors.
Sportradar revenue nears the upper limit of its FY23 guidance
Sportradar also released its 2023 full-year financial results since the announcement of the restructuring.
The US growth was a major factor in the EUR877.6m ($943.0m) revenue. This is at the top of the guidance range. The revenue was up 20.2% year-on-year.
Sportradar’s significant revenue growth has led to an increase in profit for the continuing operation of EUR34.6m. This is up by 229.5% compared with 2022, when Sportradar had a profit total of EUR10.5m. The adjusted EBITDA rose by 32.6%, to EUR166.8m. This is close to Sportradar’s forecast range of EUR162m to EUR167m.
Sportradar wants to grow revenue by 20.0% and EBITDA adjusted by 2024, following a strong 2023. The revenue would be at least EUR1.05bn, and the adjusted EBITDA EUR200m. This is assuming an exchange rate of EUR to USD 1.07.
Sportradar also aims for a margin adjusted EBITDA of 19,0%.
