Sportradar CEO Carsten Koerl acquired another 497,801 shares on the open market to complete his commitment to buy $10 million in stock.
Koerl announced his plans during the company’s Q1 earnings call, which Sportradar moved up to an earlier date to further address allegations from short sellers that at least 40% of its business is from unregulated gaming markets. It was on that call when Koerl said he would buy $10 million worth of shares on the open market.
Sportradar has denied those claims from the beginning, but that did little to help the stock. Shares fell more than 22% the day the reports were made. Since then, however, shares have started to recover with Koerl and other insiders snapping up the stock on the open market.
Sportradar’s stock closed at $13.64 Thursday, up 2.1%.
Details of second stock buy
Koerl spent more than $4.55 million on the 340,000 shares he added on Monday and Tuesday, according to a Form 4 filed Wednesday.
He purchased 182,000 shares in multiple transactions Monday, paying an average of $13.38 per share.
Tuesday’s purchase of 158,000 shares in multiple transactions saw Koerl pay an average of $13.40 per share.
His third and final Form 4 showing the purchase of 157,801 shars was filed after the market closed Thursday. He paid an average of $13.49 across multiple transactions.
After his buying spree, Koerl now owns nearly 2.78 million shares. He added a total of 751,901 shares since last week’s earnings call, spending just over $10 million total.
‘Overwhelming’ Sportradar support
Koerl was asked on the earnings call how discussions with league partners and gaming regulators have gone since the allegations came out about two weeks ago.
“The feedback so far is overwhelming to me,” Koerl said. “I get a lot of support from all sides, our partners, our clients, the industry, some commissioners. And from a regulator perspective, we are in contact with some regulators on a very frequent base. Some of them contacted our teams, explaining them the situation, and that’s an ongoing process.
“Overall, the response was, for me, overwhelming that I got so much support and feedback on the allegations.”
