Sportradar has announced that it has obtained new financing as part of a strategic partnership with Revolution Growth. As part of the investment, Ted Leonsis, the co-founder of Revolution Growth and the owner of the Washington Capitals (NHL), Mystics (WNBA) and Wizards (NBA), will become part of the company’s US Advisory Board with Revolution Growth partner Evan Morgan. Also participating in the financing round and joining Sportradar’s US board are Mark Cuban, Dallas Mavericks (NBA) owner, and Michael Jordan, Charlotte Hornets (NBA) owner.
Founded in 2000 and based in St. Gallen, in Switzerland, Sportradar has exclusive agreements to collect and disseminate data for 65 leagues and federations all over the world. Most of these are based in Europe.
“Teaming up with Revolution Growth, Ted, Mark and Michael in the U.S. opens up new exciting opportunities for Sportradar. Revolution Growth’s expertise in the U.S. sports and digital media market, their long-standing relations with key market players as well as the newly appointed U.S. advisory board will help Sportradar in reaching its full potential in this exciting sports and media market,” said Dominik Stein, Partner at EQT Partners.
Sportradar doesn’t have that kind of agreement with the NBA. However, the new investors have serious pedigree: Jordan, the former Chicago Bulls star who now owns the Charlotte Hornets, and Cuban who owns the Dallas Mavericks. There is also the involvement of Ted Leonsis, who owns NHL, NBA, and WNBA teams in Washington, DC, and Revolution Growth’s Evan Morgan.
The new investors are investing about $ 45 million. Sportradar made 100 million the past year in revenue and the company expects to make 140 million in revenue in 2015, partly due to new contracts with the NFL and NASCAR.
The move comes as Sportradar pushes to expand its operations in the US and tap into the growing demand from fantasy sports sites, championships, broadcast sites and other real time activities and sports statistics. Leonsis told Bloomberg that this investment is a bet on the odds that sports betting would become legal in the United States.