Image: Supplied.

Formula 1 owner Liberty Media has formally announced its acquisition of MotoGP commercial rights holder Dorna Sports in a deal that will see them secure an 86 percent share of the company, valued at approximately $6.9 billion (AUD).

Dorna Sports, which also promotes WorldSBK and its support categories alongside the grand prix divisions, will retain a 14 percent share, while long-standing CEO Carmelo Ezpeleta is set to remain in his position.

It’s understood Dorna will continue to be an independently run company attributed to Liberty Media’s Formula One Group tracking stock, with its headquarters to still operate out of Madrid, Spain.

“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,” stated Ezpeleta. “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.”

“We are thrilled to expand our portfolio of leading live sports and entertainment assets with the acquisition of MotoGP,” Greg Maffei added, Liberty Media president and CEO. “MotoGP is a global league with a loyal, enthusiastic fan base, captivating racing and a highly cash flow generative financial profile.

“Carmelo and his management team have built a great sporting spectacle that we can expand to a wider global audience. The business has significant upside, and we intend to grow the sport for MotoGP fans, teams, commercial partners and our shareholders.”

Liberty Media’s takeover of Formula 1 in 2017 has been attributed to the sport’s exponential growth in recent years, largely thanks to the popular Netflix series ‘Drive to Survive’. The acquisition is expected to be completed by the end of 2024.