<SEC-DOCUMENT>0001104659-23-065692.txt : 20230803
<SEC-HEADER>0001104659-23-065692.hdr.sgml : 20230803
<ACCEPTANCE-DATETIME>20230530075814
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-065692
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230530

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sportradar Group AG
		CENTRAL INDEX KEY:			0001836470
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		FELDLISTRASSE 2
		CITY:			ST. GALLEN
		STATE:			V8
		ZIP:			CH-9000
		BUSINESS PHONE:		49 89 2000 845 1137

	MAIL ADDRESS:	
		STREET 1:		FELDLISTRASSE 2
		CITY:			ST. GALLEN
		STATE:			V8
		ZIP:			CH-9000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Sportradar Holding AG
		DATE OF NAME CHANGE:	20210219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Sportrader Holding AG
		DATE OF NAME CHANGE:	20201214
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2317078d1_correspimg001.jpg" ALT=""></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 70%">Sportradar Group AG | Feldlistrasse 2 | CH-9000 St. Gallen | Switzerland</TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel:
    +41 71 517 72 00</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax:
    +41 71 517 72 99</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>info@sportradar.com</U></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>www.sportradar.com</U></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 30, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>VIA EDGAR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Technology<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Attention:</TD><TD STYLE="text-align: justify">Mr. David Edgar<BR>
Ms. Kathleen Collins</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Sportradar Group AG<BR>
Form 20-F for the Year Ended December 31, 2022<BR>
Filed on March 15, 2023<BR>
Form 6-K Submitted on May 10, 2023</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Dear Mr. Edgar and Ms. Collins:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This letter sets forth the responses of Sportradar Group AG (the &ldquo;Company&rdquo;)
to the comments contained in your letter dated May 16, 2023 relating to the Annual Report for the year ended December 31, 2022 filed by
the Company on March 15, 2023 (the &ldquo;Form 20-F&rdquo;) and the Form 6-K submitted by the Company on May 10, 2023. The comments of
the staff (the &ldquo;Staff&rdquo;) of the U.S. Securities and Exchange Commission are set forth in bold italicized text below, and the
Company&rsquo;s responses are set forth in plain text immediately following each comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form 20-F for the Year Ended December 31, 2022</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 5. Operating and Financial Review and Prospects<BR>
Key Financial and Operational Performance Indicators, page 78</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B><I>1.</I></B></TD><TD><B><I>We note that you highlight adjusted free cash flow as a key performance indicator without also highlighting the comparable IFRS
measure in this chart. Please revise to include the comparable IFRS measure with equal or greater prominence. Refer to Question 102.10
of the non-GAAP C&amp;DIs.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RESPONSE TO COMMENT 1: We acknowledge the Staff's comment and respectfully
advise the Staff that in future Form 20-F filings (and any other filings or reports) we will revise the table of &ldquo;Key Financial
and Operational Performance Indicators&rdquo; to include Net cash from operating activities, which is the most directly comparable IFRS
measure to Adjusted Free Cash Flow, with equal or greater prominence than Adjusted Free Cash Flow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Non-IFRS Financial Measures and Operating Metrics, page 79</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B><I>2.</I></B></TD><TD><B><I>Please explain further your adjustment for foreign currency gains on cash equivalents included in your reconciliation of adjusted
free cash flows. Tell us why the amounts for fiscal 2021 and 2020 differ from the amounts disclosed in the statement of cash flows. In
addition, clarify what this measure, as adjusted for foreign currency gains, is attempting to convey, how management uses such measure,
and how it is useful to investors.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RESPONSE TO COMMENT 2:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We acknowledge the Staff's comment and respectfully advise the Staff
that foreign currency gains on cash equivalents included in Adjusted Free Cash Flow reconciliation include only the changes on cash equivalents,
specifically investments in US Dollar money market funds of the Company. The Company`s primary objective when investing excess cash is
to support the Company`s primary business activities. We consider Adjusted Free Cash Flow to be a liquidity measure that provides useful
information to management and investors about the amount of cash available, to invest in our primary business activities. As the Company
continues to have significant long-term commitments relating to license payments for sports data or media rights licenses which are primarily
denominated in Euro or US Dollars, the Company includes in Adjusted Free Cash Flow the foreign currency gains (losses) on cash equivalents
because the money market funds are used by the Company to meet contractual obligations related to license payments denominated in US Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although the amounts in Adjusted Free Cash Flow reconciliation for
the year ended December 31, 2022 and the Consolidated statement of cash flows for the year ended December 31, 2022 round to similar amounts,
they are in fact different numbers consistent with 2020 and 2021. The foreign currency gains on cash equivalents presented in the Adjusted
Free Cash Flow reconciliation for 2022 is &euro;39.272 million. The Effect of exchange rates presented in the Consolidated statement of
cash flows for 2022 is &euro;39.322 million, which is comprised of the foreign gains on cash and cash equivalents and the effect of exchange
rates in consolidating cash held in non-Euro functional currency subsidiaries into the presentation currency of the Company. The amount
in the Adjusted Free Cash Flow reconciliation for the year ended December 31, 2020 is zero because the Company did not have any cash equivalents
which resulted in foreign currency gains (losses).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To address how management uses this measure and how it is useful to
investors, we respectfully advise the Staff that in future Form 20-F filings (and any other filings or reports) we will modify our disclosure
on page 80 of the Form 20-F to state (additions underscored), &ldquo;We consider Adjusted Free Cash Flow to be a liquidity measure that
provides useful information to management and investors about the amount of cash generated by the business after the purchase of property
and equipment, of intangible assets, payment of lease liabilities <FONT STYLE="text-underline-style: double"><U>and foreign currency gains
(losses) on cash equivalents</U></FONT>, which can then be used to, among other things, to invest in our business and make strategic acquisitions.&rdquo;
In this regard, including foreign currency gains (losses) on the money market fund is intended to supplement investors&rsquo; understanding
of our operating performance and liquidity, because the gains (losses) impact the cash available to meet sport right license obligations
denominated in the US dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B><I>3.</I></B></TD><TD><B><I>Also, tell us whether the acquisition of intangible assets line item included in your adjusted free cash flow reconciliation
excludes intangibles assets required to support an acquired business for any periods presented. If so, tell us what acquisition such exclusion
relates to, the reasons such assets are excluded in calculating adjusted free cash flow and include an explanation in a footnote to this
reconciliation. Alternatively, revise to remove this parenthetical reference from your reconciliation of adjusted free cash flow.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RESPONSE TO COMMENT 3: We acknowledge the Staff's comment and respectfully
advise the Staff that the acquisition of intangible assets line item in the Adjusted Free Cash Flow reconciliation in the Form 20-F did
not exclude intangible assets required to support an acquired business for any periods presented. We will revise the reconciliation in
future Form 20-F filings (and any other filings or reports) to remove the parenthetical reference from the reconciliation of Adjusted
Free Cash Flow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 18. Financial Statements<BR>
Notes to Consolidated Financial Statements<BR>
Note 24. Other Liabilities, page F-56 </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B><I>4.</I></B></TD><TD><B><I>We note that as part of the settlement agreement with Genius Sports, the Group purchased a sublicense through 2024 for a delayed
feed to be marketed as the Official FDC Secondary Feed. Please tell us whether the cost of such sublicense is included in the &euro;19.0M
settlement payment to Genius Sports. If so, tell us the portion of such settlement applicable to the sublicense. Lastly, tell us how you
determined to account for the sublicense as operating expenses upon settlement and provide the specific accounting guidance applied.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RESPONSE TO COMMENT 4: We acknowledge the Staff's comment and respectfully
advise the Staff that the cost of the sublicense is not included in the &euro;19.0 million operating expense. The &euro;19.0 million operating
expense is comprised of a settlement payment and litigation fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With regard to our accounting for the purchased sublicense from Genius
Sports, we applied the accounting policies disclosed in Note 2.9 to the consolidated financial statements because the sublicense agreement
fulfils the definition of an intangible asset. Our policy of recognizing license agreements is to measure license assets at cost on initial
recognition. Costs include the contractually agreed license payments discounted using the market interest rate at initial recognition.
After initial recognition, the cost of the license asset is amortized over the license term. Amortization expense is recorded under depreciation
and amortization in the consolidated statements of profit or loss and other comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form 6-K Submitted on May 10, 2023</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Exhibit 99.1, page 1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B><I>5.</I></B></TD><TD><B><I>You present adjusted EBITDA margin and cash flow conversion without presenting the comparable IFRS measures of profit for the
period as a percentage of revenue or net cash from operating activities as a percentage of profit for the year. Please revise. Refer to
Item 100(a)(1) of Regulation G.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RESPONSE TO COMMENT 5: We acknowledge the Staff's comment and respectfully
advise the Staff that in future filings we will revise our disclosure to include Profit for the period as a percentage of revenue, which
is the most directly comparable IFRS measure to Adjusted EBITDA margin, and Net cash from operating activities as a percentage of profit
for the year, which is the most directly comparable IFRS measure to Cash Flow Conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hope that this letter adequately addresses your comments. If you
have any questions or require additional information, please do not hesitate to contact me at 512 481 8820 or by email (<U>g.griffin@sportradar.com</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 50%">/s/ Gerard Griffin</TD>
<TD STYLE="padding-bottom: 1pt; text-align: justify; width: 50%">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">Gerard Griffin<BR>
Chief Financial Officer</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cc: Jason Barr</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
