Liberty Media Corporation (Liberty Media) received unconditional approval Monday from the European Commission to complete its acquisition of Dorna Sports, S.L. (Dorna), the exclusive commercial rights holder of the MotoGP World Championship.
Receipt of the European Commission’s approval is the final condition to the transaction, which is now expected to close no later than July 3.
The deal values MotoGP at €4.3 billion and positions Liberty Media to replicate its commercially successful transformation of Formula 1, which has seen global interest surge since its 2017 takeover.
This acquisition enables Liberty Media to accelerate MotoGP’s international appeal and bring captivating racing to a wider global audience. The first MotoGP season was held in 1949 with six rounds staged across Europe and has grown to comprise 22 races across 18 countries for the 2025 season, which is broadcast to hundreds of millions internationally.
Liberty Media will leverage its expertise in developing sports and entertainment assets to further expand MotoGP’s fanbase and grow the sport commercially. Carmelo Ezpeleta, CEO of Dorna since 1998, will continue to run the business headquartered in Madrid.
“Today’s approval from the European Commission marks the final condition to closing Liberty’s acquisition of MotoGP. We are thrilled to officially commence Liberty’s partnership with Carmelo and his excellent management team,” said Derek Chang, Liberty Media president and CEO. “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.”
“We are very happy that the European Commission has approved the transaction. This is an important milestone confirming the even brighter future that lies ahead for MotoGP,” said Carmelo Ezpeleta, CEO of MotoGP rights holder Dorna. “MotoGP is one of the most thrilling sports on earth, and we look forward to accelerating the sport’s growth and expanding its reach to even more fans around the world. Liberty is the best possible partner for our sport and the entire MotoGP community, and we are excited to create even greater value for our fans, commercial partners and everyone competing.”
Liberty Media will acquire 84% of Dorna with Dorna management retaining 16% of the business. The transaction reflects an enterprise value for Dorna of €4.3bn and an equity value of €3.7bn with the existing debt balance at Dorna expected to remain in place after closing.
The purchase price for Liberty Media’s 84% stake will be paid in cash, including cash on hand at Formula One Group and Formula 1 and proceeds from $1bn 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%. 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.
Following the transaction close, members of Liberty Media’s board of directors and management team, including Chase Carey, director of Liberty Media and former CEO of Formula 1, and Sean Bratches, former managing director of Commercial Operations at Formula 1, will join Carmelo Ezpeleta and Enrique Aldama, the chief operating and financial officer of Dorna, on Dorna’s board of directors, which is responsible for oversight of the business and its strategic direction.
Liberty Media has received the necessary regulatory approvals in all other jurisdictions to close the acquisition. Following the acquisition, Liberty Media’s Formula One Group tracking stock will be comprised of its subsidiaries Formula 1, MotoGP and Quint, as well as certain minority investments.
