Carsten Koerl, the founder and chief executive of Sportradar, is selling 3.5 million shares of the sports technology company, according to a filing with the US Securities & Exchange Commission.

His shares are equivalent to 3.7% of his total stock ownership of Sportradar and he owns the equivalent of 93.9 million common shares. The SEC filing was submitted on Friday (March 15), and specifies that the shares are being sold to deal with tax obligations and other issues around financial planning.

Sportradar shares on the Nasdaq Stock Market on Friday closed at $10.13, making Koerl’s stock worth more than $951 million. The planned sale will net the German about $35 million before taxes.

The tech firm went public in 2021, pricing its shares at $27 each and valuing the whole business at $7.98 billion.

However, Sportradar shares are down about 8% this year as it has suffered from a dip in sports betting-related stocks due to the costs of competing in the US market.

After revealing its third quarter financial results last November, Sportradar announced a reduction in its global workforce as part of a “broader set of strategic initiatives.”

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In January, the company announced the departures of chief strategy officer Ulrich Harmuth and chief financial officer Gerard Griffin as part of wider efforts “to streamline organizational structure and drive growth and innovation.”

Griffin will continue in the role until May 31, unless a permanent successor is appointed at an earlier date.

Sportradar has partnerships with several major sports leagues and organizations providing a wide range of services covering betting, streaming, data analytics, and integrity.

In recent weeks it has agreed new tie-ups with the United Soccer League, the ATP’s Tennis Data Innovations, and Euroleague Basketball, while renewing a deal with Bundesliga International, the overseas arm of the top German soccer league.

In terms of its annual financial outlook for 2023, Sportradar expects revenue to be between €870 million and €880 million, representing YoY growth between 19% and 21%.