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  "documentTitle": "Genius Sports Limited (GENI)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2021-08-05 00:00:00",
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  "notes": "Includes a callout box highlighting the 2015 equity stake as a key piece of evidence.",
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      "kind": "callout",
      "text": "In 2015, the NFL had taken an equity stake in Sportradar",
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      "kind": "paragraph",
      "text": "The National Football League (NFL) has signed a multi-year agreement with Sportradar US, which will see the company become its exclusive distributor of statistics to digital outlets. Sportradar US is effectively replacing Stats, which has counted the NFL as a client since 2005, with the deal including distribution rights for real-time scores, play-by-play data and player statistics. The deal begins at the start of the next NFL season in September. The SportsBusiness Daily website reported that the league has taken an equity stake in Sportradar, which is based in Switzerland, and that the US arm of the company - Sportradar acquired SportsData in December 2013 and has since rebranded it Sportradar US - will be paying around US$5 million per year for the right to distribute and license NFL data over the next four years.",
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      "kind": "paragraph",
      "text": "Spruce Point believes Genius' payment to the NFL in the form of equity should not be interrupted as a long-term commitment by the NFL. When the NFL switched to Sportradar in 2015, they received an equity stake in the Company and still ended up switching away from Sportradar when the contract expired. We believe the large equity component of the deal may have been due to Genius' inability to meet the leagues' desired price in all cash payments.",
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      "kind": "quote",
      "text": "The SportsBusiness Daily website reported that the league has taken an equity stake in Sportradar, which is based in Switzerland, and that the US arm of the company - Sportradar acquired SportsData in December 2013 and has since rebranded it Sportradar US - will be paying around US$5 million per year for the right to distribute and license NFL data over the next four years. — sportspromedia.com (April 21, 2015)",
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      "text": "Source: sportspromedia.com (April 21, 2015)",
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      "kind": "title",
      "text": "Equity Stake Does Not Guarantee Contract Renewal",
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