FitzGerald to step down from Racecourse Media Group
Richard FitzGerald will step down after 12 years as CEO.
UK.- Richard FitzGerald is to step down as Chief Executive Officer of Racecourse Media Group (RMG) after nearly 12 years in the position. Finance Director Martin Stevenson has been appointed acting CEO.
FitzGerald joined RMG in 2008 and oversaw Racing UK’s relaunch as a standalone channel, becoming Racing TV. He also sealed the exclusive UK TV rights deal with ITV in 2017, which was finally extended until 2023 this week after protracted negotiations.
He also oversaw the launch of the new steaming service Watch & Bet , which generates strong turnover for RMG.
FitzGerald said: “It has been a fabulous and rewarding 12 years working for RMG. The business has flourished and delivered on the vision of the founding shareholders around a collective approach to commercialising their media and data rights.
“There is never a good time to step down but with resumption of racing, the new Watch & Bet deals, the terrestrial TV renewal and launch in Italy of fixed odds, and a new cycle of renewals starting shortly, it seems the right time to step down.
“It has been a great journey and I have enjoyed working with a strong, capable, committed and stable team to deliver the results we have been able to achieve consistently over the last decade.”
FitzGerald will gradually step down over the next six weeks, RMG said.
The company’s Chairman, Roger Lewis, said: “On behalf of the Board of RMG, I thank Richard for his exceptional leadership of the RMG team for almost 12 years.
“During this period RMG has produced great returns for our Racecourses, generating over £800million of licence fees during his tenure of office.
“The recent renewal of the RMG contract with ITV until 2023, the successful launch of our new Watch & Bet Service in June, and ensuring RMG is fully operational following the Covid-19 outbreak and so generating significant revenues for our racecourses, has created the right moment for Richard to announce his decision to step down.
“The achievements of RMG, which have driven its financial performance with Richard as CEO are significant, and include a ground-breaking data licensing and production service, an innovative LBO deal with SIS, the securing of the rights to Irish racing, the rebrand and launch of Racing TV, enhancing its HD service, and the expansion of RMG opportunities across the world.
“Richard leaves RMG with our sincerest thanks and best wishes for having delivered an outstanding performance over a considerable period of time.”
Betting on British horse racing saw a strong recovery after the resumption of racing following lockdown.
