MADRID (AP) — Formula 1 owner Liberty Media is finally set to complete a deal to take control of motorcycle racing series MotoGP after receiving approval from the European Commission.
Liberty Media said Monday the “unconditional” approval was the last step in completing the deal to buy 84% of Spain-based MotoGP rights holder Dorna Sports.
Advertisement
“MotoGP is a highly attractive premium sports asset with incredible racing, a passionate fanbase and a strong cash flow profile,” Liberty Media president and CEO Derek Chang said in a statement.
“We believe the sport and brand have significant growth potential, which we will look to realize through deepening the connection with the core fan base and expanding to a wider global audience.”
Liberty said the deal, which was first announced in April 2024, could go through by July 3.
The process was held up in December when the European Commission opened what it called an “in-depth investigation” into whether the agreement would hike the cost of broadcast rights for motorsports events.
Advertisement
Dorna chief executive Carmelo Ezpeleta remains in charge of MotoGP but Liberty said he will be joined on the Dorna board by Chase Carey and Sean Bratches, two veterans of Liberty’s takeover of F1 in 2017. They were part of its efforts to grow and modernize F1 as a business, especially in the United States.
___
AP auto racing: https://apnews.com/hub/auto-racing
