Liberty Media (NASDAQ:LINTA) is to sell a US$825 million chunk of shares in Formula 1 to help pay for its acquisition of the motorbike racing equivalent MotoGP.
In April, Liberty agreed to buy 86% Dorna Sports, the business holding MotoGP’s commercial rights, in a deal valuing the bike championship at US$4.2 billion.
In a statement, Liberty Media (NASDAQ:LINTA) said funds from the F1 sale would increase the cash component of the MotoGP deal which is expected to close by year-end 2024 and debt repayment generally. The MotoGP deal is expected to close by the end of 2024.
Some 10.7 million Series C Liberty Formula One Common Stock, with a price of $77.50 each, are being sold, with the sale to generate US$825.375 million gross.