CEO of F1 owner Liberty Media Greg Maffei has revealed that the company view's MotoGP as a "perfect fit" for them, following the company's 86% takeover.
It was announced on Monday morning that Liberty Media had acquired 86% of MotoGP's parent company Dorna, who is based in Madrid, Spain.
The hope is that the transaction will be completed by the end of 2024, which will leave Liberty Media in full control of the pinnacle of both two-wheeled and four-wheeled motorsport.
Maffei explained not long after the announcement that Liberty Media view MotoGP as a "premium opportunity", which fits beautifully with their business.
"We love scaled businesses with attractive premium IP," Maffei said during an investors call. "There are scarce assets in the world like this, but they reflect strong underlying demand trends. And like this one, the opportunity for global expansion is extremely exciting.
"When your fans are your customers we believe this creates the stickiest commercial relationships. Opportunities like this are difficult to find and incredibly attractive. MotoGP is a perfect fit for Liberty Media.
"As I mentioned MotoGP is the premium opportunity in motorcycle racing which brings the best town in the world combined with the best motorcycle machinery."
Viewed by others:
No plans to negotiate F1 and MotoGP together
Liberty Media has experienced huge financial success since buying F1 from CVC Partners in 2017, although has stressed that F1 and MotoGP will be negotiated separately.
This is due to regulatory issues and competition rules Liberty Media has with F1 teams and partners.
Nevertheless, Maffei is confident that Liberty Media can grow MotoGP outside of where it is currently biggest in the globe.
"The one thing we will not be doing is negotiating MotoGP and Formula 1 together," Maffei stressed. "Both because of the regulatory issues and because of the structure of our deal with our F1 partners and teams. So that's probably a non-starter.
"I would like to think that Liberty has insights into how the media landscape is evolving, and how to make the product appealing to media partners outside the traditional basis of Italy, and Spain and France, and to help grow in those other markets. I think we have some insights on that."
Most read
Join the conversation!