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F1 owner Liberty Media has been given the unconditional green light by the European Commission to complete its $4.2 billion deal for MotoGP acquisition. The Liberty Media Group took over the ownership of Formula One at the end of the 2016 season from billionaire Bernie Ecclestone and has been at the helm of the sport ever since.
Under their leadership, F1 has undergone a complete transformation in terms of its popularity and competitiveness, helping teams increase their valuation and operate as sustainable business ventures.
To increase the popularity of the sport, Liberty Media has been key in engaging with a younger demographic through their social media channels and also made the personnel more viable.
They have greenlit projects like Netflix's show 'Drive to Survive' since 2019, which has catapulted the popularity of the sport, as evidenced by record attendances during race weekends. Moreover, with the upcoming release of the "F1" movie starring Brad Pitt on June 27, the sport is gunning for more new fans.
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As reported by Motorsport.com, the European Commission has given its green light to the F1 owners to acquire MotoGP after the deal was initially announced last year. In its official statement, the EC said:
“The Commission has unconditionally approved the proposed acquisition of Dorna Sports by Liberty Media Corporation under the EU Merger Regulation. The Commission concluded that the transaction will not raise competition concerns in the European Economic Area (EEA).
“According to Liberty Media, the transaction will enable it to leverage its expertise in media, sports, and entertainment—Formula 1 included—to increase MotoGP’s popularity and appeal."
The deal sees Liberty Media own 86% of the commercial rights of the sport, worth $4.2 billion, with Dorna's Carmelo Ezpeleta and Enrique Aldama retaining the remaining 14% of the company.
F1 CEO comments on the release of the Brad Pitt starrer
F1 CEO Stefano Domenicali stated that as a sport, they should be proud of the upcoming Hollywood project, and it was reflective of their growth over the last decade.
Formula One has been quite open and welcoming of the movie crew and even allowed them to film sequences during real race weekends. Speaking with F1.com, the former Ferrari team principal reflected on the project and said:
"I think we should be all proud, and if you close your eyes and you think that we are here, sometimes you think you're dreaming, but I think that's what we want to see for our sport: to grow, to think big and that's really magic."
The Italian took over the role as CEO in 2021 from Chase Carey, who was at the helm from 2017 to 2020, before moving to take over as Non-Executive Chairman.
