Liberty will take over Dorna Sports SL, the exclusive rights and TV holder for MotoGP which has been in control of the category since 1992, and also runs Moto2, Moto3 and WSBK.

According to an announcement from Dorna, Libery will acquire 86 per cent of the business, with Dorna management retaining the other 14 per cent.

The deal is worth €4.2 billion which equals around $6.9 billion in Australian currency.

Dorna will continue as an independently-run company, based in Madrid, which will form part of Liberty Media’s Formula One tracking stock.

Carmelo Ezpeleta, who has headed up Dorna since 1994, will continue in the CEO role.

“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,” said 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.”

Plans are for the acquisition to be completed by the end of 2024 and, according to the announcement, is ‘subject to the receipt of clearances and approvals by competition and foreign investment law authorities in various jurisdictions’.

“We are thrilled to expand our portfolio of leading live sports and entertainment assets with the acquisition of MotoGP,” said Greg Maffei, 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.”