Liberty Media is set to sell over 12 million F1 shares to finance its takeover of MotoGP, targeting $825 million.
Liberty Media to Partially Fund MotoGP Acquisition Through Sale of Over 12 Million Formula 1 Shares
The holder of Formula 1’s commercial rights has announced plans to sell a total of 12,247,500 shares of its “FWONK” stock at a price of $77.50 per share, aiming to raise $825 million from the sale.
“Liberty Media intends to exercise its option to deliver additional cash instead of Formula 1 shares as part of its acquisition strategy for Dorna Sports,” according to an official press release.
The statement indicates that Dorna, the commercial rights holder of MotoGP, requires payment in cash rather than shares.
Liberty Media announced its agreement to purchase MotoGP, the two-wheeled equivalent of Formula 1, in early April this year.
At the time, the company stated that MotoGP “will remain an independently managed company in relation to the Formula One Group”.
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Liberty Media Offloads F1 Shares for MotoGP Buyout Liberty Media Offloads F1 Shares for MotoGP Buyout
