Richard FitzGerald stepping down as RMG chief executive

Key played in media industry leaving role.

Richard FitzGerald is to step down as chief executive of Racecourse Media Group after nearly 12 years in the position.

RMG is the media and data rights holding company for 34 British racecourses – and for more than a decade during Fitzgerald’s tenure the group recorded year-on-year increases in licence fees payable to its racecourse shareholders.

Key developments during FitzGerald’s spell include the deal for ITV to become the new provider of terrestrial coverage of the sport, which has been extended to 2023, as well as the rebranding of Racing UK to Racing TV, for which Irish rights were secured.

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.”

Roger Lewis, Chairman of RMG, paid tribute, saying: “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 GBP 800m 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.”

FitzGerald will step down gradually over the course of the next six weeks, with RMG finance director Martin Stevenson becoming acting CEO.

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