Liberty Media has announced plans to sell 10.65 million shares, priced at $77.50 each, to raise over $825 million. The funds will primarily be used to finance the acquisition of Dorna Sports, the rights holder for MotoGP, with the remaining amount allocated to repaying existing debts.
The acquisition deal, valued at €4.2 billion, is expected to close by the end of the year, pending approval from competition and foreign investment authorities. If the acquisition does not proceed, the raised capital will be redirected to the Formula One Group tracking stock.
Liberty Media's President and CEO, Greg Maffei, expressed excitement about the acquisition, stating, “We are thrilled to expand our portfolio of leading live sports and entertainment assets with the acquisition of MotoGP.” He highlighted MotoGP's global appeal, strong fanbase, and its potential for growth under Liberty Media's ownership.
The deal signifies Liberty Media's continued expansion in the sports and entertainment sector, with Maffei noting the significant potential to grow MotoGP for fans, teams, and shareholders alike.