Sportradar Group AG

In 2001, Koerl formed Sportradar by buying 51% of a nascent Norwegian sports betting odds and data company called Market Monitor AS. It has since expanded globally, including into the U.S. in 2014. In 2018, Silicon Valley investment firm TCV and the Canada Pension Plan Investment Board teamed up to buy a reported 37% stake in Sportradar, valuing the company at $2.5 billion including debt. According to the company’s prospectus, Sportradar posted a nearly $18 million net profit on $478 million in revenue in 2020. Some of Sportradar’s media and gambling clients include Facebook, Google, FanDuel, DraftKings and William Hill, and it also provides services for notable organizations such as the Union of European Football Associations (known as UEFA) and the German Bundesliga. In March, the company had a deal in place to merge with Horizon II, a SPAC owned by Todd Boehly, which would have valued Sportradar at $10 billion. After a delay in bridge financing caused the deal to fall through, Sportradar changed course and filed for a traditional IPO in August 2021. It will trade under the ticker “SRAD.” Michael Jordan joined Mark Cuban in a $44 million funding round for Sportradar back in 2015. At the time, the company had already agreed to partnerships with the NFL and NHL, and its data information loomed especially large in fantasy sports. The investment has seemingly aged better and better over time. Sportradar was valued at close to $3 billion last spring, and the rise in sports betting has only heightened the company’s valuation.