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Sportradar secures heavyweight US funding through Revolution Growth

Monumental Sports and Entertainment owner and founder Ted Leonsis (Credit: Getty Images)

Sports and betting-related services company Sportradar has secured additional funding through a new strategic partnership with US investment group Revolution Growth.

Under the agreement, widely reported to be worth $44m (€38.7m), Ted Leonsis, co-founder of Revolution Growth and owner of NHL ice hockey franchise the Washington Capitals and NBA basketball team the Washington Wizards, will join Sportradar’s US Advisory Board, along with Revolution Growth partner Evan Morgan.

In addition, Mark Cuban, owner of NBA outfit the Dallas Mavericks, and Michael Jordan, basketball legend and owner of the NBA’s Charlotte Hornets franchise, will participate in the funding round and join the Sportradar US board. Sportradar said it is exploring the addition of additional board members from the West Coast of the US with keen technology expertise.

Sportradar added it will leverage the newly-formed advisory board and capital to build a suite of value-enhancing products and applications for its client base. The company’s current customer list includes various businesses within technology, digital media, fantasy sports, social media and gaming.

“The Sportradar team is ahead of the curve in understanding the crucial role data plays in creating innovative content and products that captures audiences,” Leonsis (pictured) said. “With superior technology and development that is already providing the fastest, most accurate data feeds, Sportradar is well-poised to capitalise on the rapidly expanding, multi-billion dollar global sports market.”

Carsten Koerl, founder and chief executive of Sportradar, added: “We look forward to partnering with the Revolution Growth team, and some of the best and brightest minds in technology and sports as we look to diversify and expand our product offerings. Their intimate knowledge of the US sports and media market will help us to develop cutting-edge real time data products that will change how sports are consumed in the future.”

The NHL last month became the latest major North American sports organisation to team up with Sportradar. As part of the multi-year partnership, which was announced ahead of the 2015-16 NHL season, Sportradar is using the league’s Hockey Information Tracking System (HITS) to provide in-game statistics throughout the season.

Sportradar has also secured exclusive league relationships with the NFL American football league and stock car-racing series Nascar in the last nine months.