In a significant development for the British horseracing industry, Martin Stevenson has announced his decision to step down as Chief Executive Officer of Racecourse Media Group (RMG) at the end of 2024. Stevenson, who has been with RMG since 2007 and served as CEO since 2020, has played a pivotal role in the company’s growth and success. His departure marks the end of an era for RMG, which has become the largest funding organization in British horseracing under his leadership. The search for his successor is already underway, with Stevenson set to assist in the transition process.
Stevenson’s Impact on RMG
Martin Stevenson’s tenure at RMG has been marked by significant achievements and milestones. Joining the company as Finance Director when it was still a start-up, Stevenson has been instrumental in its transformation into a major player in the horseracing industry. Under his leadership, RMG has reclaimed control of racecourses’ media and data rights, generating substantial commercial success. The company has delivered over £1.2 billion to the industry, highlighting its critical role in supporting British horseracing.
Stevenson’s strategic vision and commitment to innovation have been key drivers of RMG’s success. He has overseen the delivery of record results for member racecourses and set the business on a clear path of development. His efforts have not only strengthened RMG’s financial position but also enhanced its reputation within the industry. As he prepares to step down, Stevenson leaves behind a legacy of growth, innovation, and excellence.
Transition and Future Leadership
The transition to new leadership at RMG is expected to be smooth, with Stevenson remaining in his role to guide the process. The RMG Board has already begun the search for a successor, aiming to ensure continuity and stability. Stevenson’s decision to step down comes as he approaches a significant birthday, prompting him to reflect on his career and the future of the company. He believes that now is the right time for new leadership to take the reins and build on the strong foundation he has established.
The incoming CEO will face the challenge of maintaining RMG’s momentum and navigating the evolving landscape of the horseracing industry. With the next round of rights renewals on the horizon, strategic planning and effective leadership will be crucial. Stevenson’s continued involvement during the transition period will provide valuable support and guidance to the new CEO, ensuring a seamless handover and sustained success for RMG.
Industry Reactions and Future Prospects
Stevenson’s announcement has elicited a range of reactions from industry stakeholders. Conor Grant, Chair of RMG, praised Stevenson’s contributions, highlighting his role in maximizing commercial rights and generating significant revenue for racecourse members. Grant emphasized Stevenson’s dedication and leadership, which have been instrumental in RMG’s achievements. The broader industry has also recognized Stevenson’s impact, with many expressing gratitude for his service and confidence in RMG’s future.
Looking ahead, RMG is well-positioned to continue its growth and success. The company’s strong financial performance and strategic initiatives provide a solid foundation for future development. The new CEO will have the opportunity to build on Stevenson’s legacy and drive further innovation and progress. As RMG embarks on this new chapter, the industry will be watching closely to see how the company navigates the transition and continues to support British horseracing.
