SBC News Voice of the Sports Betting Industry
Craig Felenstein has been confirmed as the latest addition to Sportradar’s C-level leadership team, taking on the role of Chief Financial Officer (CFO).
Due to commence his tenure on 1 June, Felenstein will take the leadership role across Sportradar’s global finance, accounting and investor relations teams.
He will be charged with leveraging his 30-year experience in finance, including tenures at high-profile media providers, in pursuit of Sportradar’s commercial objectives across various geographies.
Carsten Koerl, CEO of Sportradar, said: “With Craig’s deep international experience and successful track record building finance organisations as a CFO at US listed public companies, I am confident that he will be a strong addition to our team.
“His track record of helping drive financial strategy and building shareholder value will be instrumental to our continued success. We want to express our deep gratitude to Ger Griffin for his meaningful contributions to Sportradar during a transformational growth period for our company.”
Felenstein has worked in finance for three decades, with his most recent role being the aforementioned CFO position at Lindblad Expeditions, an American cruise line company. He has also held senior financial positions at stock picture and video platform Shutterstock and mass media firms Discovery, News Corp and Viacom.
He joins Sportradar as the company looks to build on a strong trading performance in 2023 which saw full year revenue rise 20% year-on-year from €730m to €878m. He will be based in New York, where the company is listed on the Nasdaq stock exchange.
After clinching some prominent partnerships and renewal so far this year – including with the NBA, United Soccer League (USL) and Chinese CBA League – Sportardar is working towards the financial targets laid out in its 2023 report.
The Swiss-based firm projects a minimum 20% increase in both revenue to €1.05bn and Adjusted EBITDA of €200m respectively, with an adjusted operating margin of 19%, with targets assumed on a Euro to USD exchange rate of 1.07.
Felenstein remarked: “Sportradar has built an impressive leadership position in the rapidly growing global sports technology market and the company is ideally situated to deliver sustained growth given their strong content portfolio, unmatched product offerings and commitment to industry innovation.
“I am excited to work with Carsten and the entire Sportradar team, as well as the Board of Directors, to capitalise on the significant growth opportunities ahead and deliver additional value to our clients, partners and shareholders.”
