Liberty is poised to take the reins from promoter Dorna Sports no later then July 3 in what is being touted as a “new era” for grand prix motorcycle racing.

Liberty announced its plans to acquire MotoGP late last year. However, that hinged on approval from the commission amid anti-competition concerns.

In a statement, Liberty said it was leverage its expertise to increase the MotoGP fanbase and increase its global footprint.

Despite the takeover, Dorna Sports CEO Carmelo Ezpeleta will continue to run MotoGP with his management team.

Liberty will acquire 84 percent of MotoGP rights holder Dorna Sports while MotoGP management retaining 16 percent of the business.

“Today’s approval from the European Commission marks the final condition to closing Liberty’s acquisition of MotoGP,” said Ezpeleta.

“We are very happy that the European Commission has approved the transaction.

“This is an important milestone confirming the even brighter future that lies ahead for MotoGP.

“MotoGP is one of the most thrilling sports on Earth, and we look forward to accelerating the sport’s growth and expanding its reach to even more fans around the world.

“Liberty is the best possible partner for our sport and the entire MotoGP community, and we are excited to create even greater value for our fans, commercial partners and everyone competing.”

Derek Chang, Liberty Media Corporation CEO and president, hailed the announcement.

“We are thrilled to officially commence Liberty’s partnership with Carmelo and his excellent management team,” said Chang.

“MotoGP is a highly attractive premium sports asset with incredible racing, a passionate fanbase and a strong cash flow profile.

“We believe the sport and brand have significant growth potential, which we will look to realise through deepening the connection with the core fan base and expanding to a wider global audience.”

MotoGP continues on June 29 with the Dutch TT at Assen.