Liberty Media to sell $825 million worth stake in F1 to complete MotoGP acquisition
Liberty Media continues to expand their 'world's most valued empire' after aiming at a MotoGP acquisition worth over $4 Billion.
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Carmelo Ezpeleta, F1 CEO Stefano Domenicali and MotoGP (via IMAGO).
Liberty Media has continued to embark on highly interesting ventures to propel Formula 1’s popularity. The advertising media has taken great strides already and boosted the sport’s popularity. However, Liberty Media has continued to set its mark in the sports world after aiming to acquire MotoGP.
MotoGP has continued to gain traction in recent seasons especially Liberty Media’s. The Mass Media company had previously showcased interest in acquiring MotoGP in a whopping $4 Billion deal. The world’s most valuable sports empire has further taken a few steps to seal the deal with the motorbike racing category.
According to recent reports, Liberty Media is looking to sell $825 Million worth of Formula 1 shares Liberty Formula One Common Stock (“FWONK”) to arrange funds for the MotoGP acquisition. However, the people on the grid are awaiting confirmation on the news as Liberty Media is yet to release a public statement. The company is looking forward to selling 10 Million shares of the company at an estimated rate of $77.50 per share.
Liberty Media also looking to provide an option to purchase an ‘additional’ $1.5M FWONK shares
As per the reports, the offering is expected to close on 22nd August 2024. In addition to this, the major Mass Media company is also looking to grant the underwriter an option to purchase additional shares. The major sellout from Liberty Media will provide the company with great funds to further propel MotoGP’s popularity in the world much like Formula 1.
The offering is expected to close on August 22, 2024, subject to the satisfaction of customary closing conditions, and is expected to result in approximately $825,375,000 in gross proceeds to Liberty Media, before deducting the underwriter’s discounts and estimated offering expenses payable by Liberty Media.A Liberty Media said via statement published.
MotoGP’s acquisition would allow the sport to further combine the fans with Formula 1. Both the respective racing categories have put forth exciting prospects for Liberty Media in the future seasons. As a result, the Mass Media company will continue to look into other ventures to gain funds and acquire other sporting categories.
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Aditya Pandya
(1460 Articles Published)