Motorsport

EU green light: after Formula 1, Liberty also owns MotoGP

The more than EUR 4 billion deal is to be completed by 3 July, the US corporation increasingly master of motorsport

by Marco Bellinazzo

23 June 2025

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3' min read

Key points

The communiqué
Aggregation
Dorna's turnover

3' min read

The European Commission has approved the acquisition of Dorna Sports, which holds MotoGP rights, by Liberty Media, owner of Formula 1. The decision was in the air after the additional investigation requested last winter by the Commission and the further clarifications provided by the US Corporation led by John Malone regarding the risks of a possible excessive concentration of power to the detriment of TV broadcasters and the sponsor market.

The communiqué

"Liberty Media Corporation has received unconditional approval from the EU Commission to complete the acquisition of Dorna Sports, the owner of the MotoGP rights," the parties disclosed in a press release, specifying that the transaction will be completed by 3 July and that it reflects an enterprise value for Dorna of €4.3 billion and a net asset value of €3.7 billion.

Last December, the Commission had suspended the go-ahead for the acquisition, deciding to launch an in-depth investigation to assess under the EU Merger Regulation whether the marriage between the US entertainment giant that owns Formula One Group 1 and Dorna Sports, the Spanish company that has the exclusive commercial rights to MotoGP, was permissible.

According to the agreement, Liberty will acquire 84% of Dorna, while MotoGP management will retain 16% of the shares and Dorna's CEO, Carmelo Ezpeleta, will continue to lead the championship.

"We are thrilled to officially begin Liberty's partnership with Carmelo Ezpeleta and his team," said Liberty Media President and CEO Derek Chang. MotoGP is a highly attractive premium sports asset, with incredible racing, a passionate fanbase and a solid cash flow profile. We believe the sport and the brand have significant growth potential'.

L’aggregazione

MotoGP and the other categories (Moto2, Moto3, Superbike and MotoE) therefore pass under the banner of Liberty Media. The US giant headed by John Malone had taken over 84% of Dorna Sport last April. Ownership of the Spanish company was divided between the Canadian fund Bridgepoint, which acquired its shareholding in 2006 from Cvc Capital Partners (40%), the Canadian pension fund Cppib (38%) and the management (22%) Dorna, with Carmelo Ezpeleta at 10% (Ezpeleta is expected to remain CEO and maintain a 16% shareholding in the new set-up).

Shortly before closing the deal with Liberty, Dorna had also secured the MotoGP rights until 2060, extending the previous agreement that was to end in 2041, in exchange for a fee of around 30 million per year to the FIM.

Dorna's turnover

The Spanish company in 2023 recorded record revenues of 486 million euros. The races attracted more than three million spectators to the circuits. The marketing of TV rights and sponsorship earned 326 million euros - the official MotoGp sponsors for 2025 are: Qatar Airways, Tissot, Michelin, tyre supplier, Bmw, DHL and Estrella Galicia -, television services generated 104 million and advertising services 56 million. In 2022, the turnover was 425 million and had already grown by 33% compared to 2021, with a record EBITDA of 161 million. Dividends of EUR 422 million were distributed, with a net financial debt of more than EUR 900 million.

However, in the balance sheet the losses in 2023 tripled from 7.8 million in 2022 to 27 million. Especially weighing on this are the annual amortisations of around 150 million from the rights acquired, on the various world championships, as mentioned now acquired until 2060.

The aim of the strategic partnership with Liberty Media, of course, is to enhance the MotoGP, as has happened in recent years with Formula 1, making the championship increasingly global and less Eurocentric, increasing revenues and progressively reducing organisational costs.