P1racenews AI automatic summary:
Formula 1 parent company Liberty Media is selling $825 million worth of F1 shares to fund its majority takeover of MotoGP rights holder Dorna Sports. Liberty announced its planned acquisition of MotoGP in the form of an 86% takeover of commercial rights holder Dorna in April. The deal, slated for completion by the end of […]
Liberty Media announced in April their intended acquisition of MotoGP by acquiring an 86% stake in Dorna, the commercial rights holder, for approximately $4.2 billion, with the deal expected to close by end of 2024. To finance the acquisition, Liberty is selling 10,650,000 shares of its Series C Liberty Formula One Common Stock at $77.50 per share, aiming to raise $825,375,000 through the share sales. Additionally, Liberty granted the underwriter the option to purchase up to 1,597,500 additional shares. This acquisition will give Liberty control over both two and four-wheeled Grand Prix racing, as well as the FIM Superbike World Championship overseen by Dorna, while keeping Dorna as an independent entity under the Liberty umbrella with its CEO, Carmelo Ezpeleta, staying on board. Liberty Media’s President and CEO, Greg Maffei, expressed excitement about the acquisition, underlining MotoGP’s global presence, strong fan base, and potential for growth, aiming to enhance the sport for fans, teams, partners, and shareholders.
