The company that owns Formula One swooped in to buy the MotoGP motorcycle championship on Monday in a deal worth at €4.2 billion ($4.5 billion).

MotoGP’s current owner, Dorna, said US-based Liberty Media would acquire “approximately” 86% of the racing series.

“We are thrilled to expand our portfolio of leading live sports and entertainment assets with the acquisition of MotoGP,” Liberty Media president and CEO Greg Maffei said.

Dorna management will retain around 14% of their equity in the business, and its longtime CEO Carmelo Ezpeleta will remain in his post.

“This is the perfect next step in the evolution of MotoGP, and we are excited for what this milestone brings to Dorna, the MotoGP paddock and racing fans,” Ezpeleta said.

“We are proud of the global sport we’ve grown, and this transaction is a testament to the value of the sport today and its growth potential.”

“Liberty has an incredible track record in developing sports assets and we could not wish for a better partner to expand MotoGP’s fanbase around the world.”

The deal is expected to be completed by the end of 2024.

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zc/lo (Reuters, AFP)