Liberty Media Corp. (FWONA,FWONK,LLYVA, LLYVK) received Monday unconditional approval from the European Commission to complete its acquisition of Dorna Sports, S.L., the exclusive commercial rights holder of the MotoGP World Championship.
The 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, 2025.
This acquisition enables Liberty Media to accelerate MotoGP's international appeal and bring captivating racing to a wider global audience.
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.
Liberty Media will acquire 84% of Dorna with Dorna management retaining 16% of the business. The transaction reflects an enterprise value for Dorna of 4.3 billion euros and an equity value of 3.7 billion euro 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 $1 billion of committed term loan financing at Formula 1.
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.
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