Racing Post Owner in Talks to Enter Spanish Sports Market

(Bloomberg) -- Spotlight Sports Group, owner of the bible of U.K. horse racing the Racing Post, is preparing to expand its betting content into Spain through a joint venture with media conglomerate Prisa Group.

The U.K.-based company is discussing a deal that will allow readers of Prisa’s global sports news website as.com to access its data and insights, Spotlight’s Chief Executive Officer Alan Byrne said in an interview. The JV could also open up the Latin America market, he said. 

Owned by Exponent Private Equity since 2016, Spotlight is a stable of sports media brands that includes the Racing Post, an iconic publication for fans of horse and greyhound racing. Race goers in Britain and Ireland can regularly be seen poring over its pages for information about runners and riders before placing their bets. 

Under terms being finalized with Madrid-based Prisa, Spotlight will recruit staff for a new website offering betting data on a range of sports, including soccer. Users of as.com will be able to click through to the product from the news site if they wish to gamble on the outcome of games.

“This partnership will make the business more digital, more international and more successful in sports other than horse racing,” Byrne said.

Originally a print-focused company, Spotlight now generates about 70% of revenue from digital, according to Byrne. It’s also been expanding into new geographies, last month acquiring U.S. technology and media group Alarm Sports Network, a specialist in fantasy betting.

Fence Topco Ltd., the holding company for Spotlight, saw revenue fall by 17% to 64.8 million pounds ($89 million) in 2020 as the Covid-19 pandemic caused the suspension of racing and other sporting events. Growth in digital revenue helped cushion the fall, according to filings with the U.K.’s Companies House.

Revenue is expected to bounce back this year, Byrne said.

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