Liberty to sell F1 shares to fund MotoGP deal
Aug.22 (GMM) Liberty Media will partly fund its acquisition of MotoGP by selling more than 10 million shares in Formula 1.
“Liberty Media intends to exercise its option to deliver additional cash in lieu of shares of (Formula 1) as part of its previously disclosed proposed acquisition of Dorna Sports,” part of an official media statement read.
The statement implies that Dorna, the commercial rights holder of MotoGP, is demanding to be paid in cash rather than Formula 1 shares.
Liberty announced its deal to buy MotoGP, the two-wheeled equivalent to F1, in early April this year.
The company said at the time that MotoGP will “remain an independently run company attributed to Liberty Media’s Formula One Group tracking stock”.
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