Formula 1 commercial rights owner, Liberty Media, can finally complete its acquisition of the MotoGP motorcycling world championship after receiving unconditional approval from the European Union’s European Commission executive arm.
Liberty Media announced back in April 2024 that it was buying MotoGP rights holder Dorna Sports in a $4.2billion deal. But this was held up after the EC decided to investigate whether or not the move would violate anti-trust rules, given Liberty’s F1 rights ownership since 2017.
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Liberty had hoped the deal would be completed by the end of 2024, but while this was missed as the EC investigation continued, formal approval had finally been expected as far back as April 2025, per Reuters.
On Monday, Liberty announced it has now received the EC approval and said in a statement the deal “is now expected to close no later than July 3 2025”. Current Dorna CEO Carmelo Ezpeleta will remain in place heading up the Madrid-based company.
Liberty will acquire 84 percent of Dorna, with its current management retaining the rest of the business. “The transaction reflects an enterprise value for Dorna of €4.3billion ($4.96billion) and an equity value of €3.7billion ($4.27billion) with the existing debt balance at Dorna expected to remain in place after closing,” a Liberty statement said.
“The purchase price for Liberty Media’s 84 percent stake will be paid in cash, including cash on hand at Formula One Group and Formula 1 and proceeds from $1 billion of committed term loan financing at Formula 1. Formula 1’s pro forma net leverage following the acquisition is expected to be under 3.5x, which would permanently reduce the margin on F1’s Term Loan B to 1.75 percent. Promptly after the transaction closes, Formula One Group expects to draw from Dorna cash and committed term loan proceeds, bringing pro forma leverage at Dorna to just below 5.5x.”
The cash referenced from Liberty’s Formula One Group comes from the company’s decision to sell a $825million stake in its F1 business to help fund the MotoGP deal.
Once this does close, two former senior F1 figures will join the Dorna board. These are Chase Carey, former F1 CEO, and Sean Bratches, former F1 commercial chief. Bratches is widely credited in F1 for doing the deal that led to the popular Netflix show, ‘Drive to Survive’. Carey has remained a Liberty board member since stepping down as F1 CEO at the end of 2020.
Liberty CEO Derek Chang at the Miami F1 Grand Prix in May (Rudy Carezzevoli/Getty Images)
“Today’s approval from the European Commission marks the final condition to closing Liberty’s acquisition of MotoGP,” said Derek Chang, Liberty Media President and CEO, in a statement.
“We are thrilled to officially commence Liberty’s partnership with Carmelo and his excellent management team. MotoGP is a highly attractive premium sports asset with incredible racing, a passionate fanbase and a strong cash flow profile. 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.”
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Liberty’s interest in MotoGP is shared by other famous F1 figures, including ex-Haas team boss Guenther Steiner, who is currently in talks regarding investing in the Tech3 KTM team.
Steiner recently told The Athletic in an interview that MotoGP is “undervalued in the moment” and has plenty of potential for growth outside its traditional markets in Spain and Italy.
“I think the sport has got a lot of potential to grow as a sport — a little bit like F1 did (under Liberty since 2017),” Steiner said. “There is a lot of potential there to attract more fans because it’s such a good sport.”
He added: “I believe in it with or without Liberty. Obviously Liberty, what they did with F1 is like fantastic. And I think they could help make MotoGP bigger, for sure.”
(Top photo: Mirco Lazzari gp/Getty Images)
This news was originally published on this post .
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