The investment fund Bridgepoint has announced that it has sold its share of Dorna Sports to Liberty Media, owner of F1: the operation is about 4.2 billion euros.
The British investment fund Bridgepoint announced on Monday that it has sold its stake Dorna Sportsowner of MotoGPin American Liberty Mediaowner of Formula Onefor 4.2 billion euros.
Liberty Media indicated in another parallel statement that it will take approx 86% of Dornawhile the management of this company will retain about 14% of its capital in the business.
The American giant noted that MotoGP’s existing debt balance is expected to be maintained after the closing of the transaction, which is expected to close later this year subject to approval by regulators in various jurisdictions.
Liberty Media explained that Carmelo Ezpeleta, CEO of Dorna Sports since 1994, will remain in the position and continue to lead the business with his management team. independently, while the company established in Spain will continue to have its headquarters in Madrid.
Bridgepoint, which has been an investor in Dorna since 2006, indicated that the sale to the American group included its involvement with the Canada Pension Plan Investment Board (CPP Investments).
Dorna is the international sports management, communications and marketing company that owns the global rights to organize the MotoGP and WSBK championships, the two most important motorcycle racing series in the world.
The president of Bridgepoint Group and Dorna Sports, William Jackson, said in his note that he was proud of his association with the Spanish company for the past 18 years.“where MotoGP has become a truly global sports brand and is enjoying great success.”
According to Jackson, the partnership has seen MotoGP “grow its fan base across five continents and become the most exciting sport in the world.”
For his part, Liberty Media President and CEO Greg Maffei said in his statement that he is delighted to expand the portfolio of leading live sports and entertainment assets with the acquisition of MotoGP.
“MotoGP is a global league with a loyal and passionate fan base, captivating racing and a financial profile that generates excellent cash flow. “Carmelo and his management team have created a great sports spectacle that we can expand to a wider global audience,” he said.
“The business is very profitable and we aim to grow the sport for MotoGP fans, teams, commercial partners and our shareholders,” he added.
Ezpeleta said in a joint note with Liberty that “this is the perfect next step in the evolution of MotoGP.”
“We are excited about what this milestone brings to Dorna, the MotoGP paddock and race fans”he said.
The Spanish businessman said he was proud to have grown this global sport and noted that “this transaction is a testimony to the value of the sport today and its growth potential.”
“Liberty has an incredible track record in developing sporting assets and we couldn’t have wished for a better partner to expand the MotoGP fan base around the world,” he added.
Source: Tycsports
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