Rmg Looks For New Chairman As Revenue Rebounds
Racecourse Media Group (RMG), the media and data rights holding company for the UK and Ireland’s leading racecourses, has announced that Chairman Roger Lewis will step down at the end of the year.
Lewis will leave his role at the end of 2022 after RMG reported that payments to its shareholders have returned to pre-pandemic levels.
The search for a new Chairman is already underway. Lewis joined the board of RMG in 2012 and was appointed Non-Executive Chairman at the start of 2019.
Lewis said, “I have thoroughly enjoyed my decade at RMG and have been humbled by the boundless enthusiasm and support that we receive from our shareholder racecourses.
“I am particularly pleased RMG was able to announce last July that our British racecourses agreed a media rights renewal extension until 31st December 2028.
“This was a pivotal moment for British racing. The RMG racecourses have created business clarity and confidence for years to come. The certainty which this landmark, long-term agreement provides is very special for everyone involved in British racing.”
RMG said payments to its racecourses are expected to reach £110m in 2021. The payments, earned through racecourses’ media and data rights, are expected to exceed 2019’s pre-Covid payments of £107m. RMG said this has been a contributory factor to many racecourses being able to return prize money to its pre-pandemic levels.
The 2021 results follow a challenging year in 2020 when, due to the pandemic, RMG payments to racecourses fell by 25.9% year-on-year.
Lewis added, “The RMG racecourses ensured that horseracing continued for a second year in the most demanding of circumstances, which allowed RMG to deliver as great a return as possible for racing. The RMG model was again tested in 2021 and again proved to be resilient and reliable.
“The investment in, and development of, our media assets and new innovative products – such as the Watch & Bet service, ultra-low latency, on-screen timing data, the exploration of in-play opportunities, and enhancements on Racing TV, headlined by the stunning Virtual Studio – aided our recovery.
“These initiatives all contribute to the RMG strategy of attracting more eyes on to our racing which, in turn, drives betting turnover, subscriptions, and sponsorship opportunities in the sport. And this all feeds into the RMG vision of increasing returns to our racecourses for the benefit of the industry.
“The 2021 performance will mean that RMG will have delivered £1bn to racecourses since the start of the business in 2004. This is a testament to our racecourses’ dedication and commitment to working together for the greater good of racing.”
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