Formula 1 owner Liberty Media to take over MotoGP for $4.5B

<p>Red Bull Ring in Spielberg, Austria on Aug. 20, 2023 <em>(Anadolu)</em></p>

Red Bull Ring in Spielberg, Austria on Aug. 20, 2023 (Anadolu)

ISTANBUL – Formula One owner Liberty Media has agreed to buy MotoGP from Spain-based owners Dorna in a deal valued at USD4.5 billion (PHP253.8 billion).

"Liberty Media will acquire 86 percent of MotoGP with MotoGP management retaining approximately 14 percent of their equity in the business," the US media conglomerate, which took control of F1 in 2017, said in a statement.

"The transaction reflects an enterprise value for MotoGP of €4.2 billion (USD4.5 billion) and an equity value of €3.5 billion (USD3.7 billion) with the existing debt balance at MotoGP expected to remain in place after close," it added.

The acquisition is anticipated to be finalized by the end of 2024, pending clearances and approvals from competition and foreign investment law authorities across different jurisdictions.

“We are thrilled to expand our portfolio of leading live sports and entertainment assets with the acquisition of MotoGP,” said Greg Maffei, Liberty Media President and CEO. “MotoGP is a global league with a loyal, enthusiastic fan base, captivating racing, and a highly cash flow generative financial profile."

The first MotoGP season took place in 1949 with just six rounds of racing. It will host 21 races over 17 countries for this season. (Anadolu)