Liberty Media acquisition of MotoGP cleared by European Union

The green light from EU regulators marks the final condition for closing the deal, which is now expected to be completed by July 3, 2025. The transaction will see Liberty Media acquire an 84% stake in Dorna, with Dorna’s current management team retaining the remaining 16%.

The acquisition, structured with an enterprise value of €4.3 billion and an equity value of €3.7 billion, is being financed through a combination of cash reserves and $1 billion in committed term loan financing through Liberty’s Formula One Group.

The European Commission conducted a detailed antitrust investigation into the transaction to determine whether the combination of MotoGP and Formula 1 under Liberty Media’s ownership would reduce competition in sports broadcasting rights.

In its statement, the Commission concluded: “Based on the evidence gathered, the Commission found that on such markets the companies are not close competitors for the licensing of broadcasting rights for sports content. Therefore, the transaction will not remove important competitive constraints between Formula 1 and MotoGP.”

Liberty Media President and CEO Derek Chang welcomed the approval, saying, “Today’s approval from the European Commission marks the final condition to closing Liberty’s acquisition of MotoGP.

"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,” Chang added.

Dorna CEO Carmelo Ezpeleta, who has led the company since 1998, will continue in his role and manage the Madrid-based organisation, added: “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.”

A new board of directors will be established to oversee Dorna’s strategic direction, comprising Liberty Media figures including Chase Carey (former F1 CEO), Sean Bratches (former F1 Commercial Managing Director), as well as Ezpeleta and Dorna CFO Enrique Aldama.

The deal is expected to enhance Liberty Media’s sports and entertainment portfolio. Formula One Group’s pro forma net leverage will remain under 3.5x following the acquisition, reducing the margin on its Term Loan B to 1.75%. Dorna’s leverage post-closing is forecast just below 5.5x.

MotoGP, which began in 1949, now spans 22 races across 18 countries and reaches hundreds of millions of viewers globally. Liberty aims to replicate its success with Formula 1 by commercialising MotoGP further and growing its global footprint.

Once the acquisition is finalised, the Formula One Group tracking stock will reflect a diversified portfolio including Formula 1, MotoGP, Quint, and various minority investments, positioning Liberty Media as a global motorsport powerhouse.