Dorna Sports

Last updated

Dorna Sports, S.L.
Company typeSociedad Limitada
IndustrySports management
Founded27 May 1988;36 years ago (1988-05-27)
in Madrid, Spain
Headquarters
Madrid
,
Spain
Area served
Worldwide
Key people
Carmelo Ezpeleta
(CEO)
Enrique Aldama
(COO and CFO)
Products MotoGP
WorldSBK
WorldSSP
Owner Liberty Media (86%) (Pending)
Privately (14%)
Parent Formula One Group
Website www.dorna.com

Dorna Sports, S.L. is the commercial rights' holder for the motorcycling sport of Grand Prix racing.

Contents

Established in 1988 as an international sports management and marketing company, it is headquartered in Madrid, with branch offices and/or subsidiaries in Barcelona, Amsterdam, London and Rome. Established by Banco Banesto as Dorna promoción del deporte, the company was sold to CVC Madrid in 1998 as the operation developed internationally and was renamed Dorna Sports. Private equity group Bridgepoint has been the majority shareholder of Dorna since 2006. [1] On 1 April 2024 it was officially announced that Liberty Media took over 86% of Dorna, valuing the purchase at €4.2 billion ($4.5 billion), and the purchase will be completed on 31 December 2024.

Rights holdings

Since 1992 Dorna has been the exclusive holder of all commercial and television rights relating to the World Championship series and since 2013 the Superbike World Championship. [2] The company also participates in the management and marketing of other motorsports properties, including: the Spanish Road Racing Championship (CEV), the British Superbike Championship (BSB) and the Trials World Championships (Indoor and Outdoor).

MotoGP

Dorna recognised, with support from manufacturers, that a change was needed in the sport. The costs of developing specialist two-stroke engines, which created non-commercial end products, was not sustainable. Hence, in its efforts to bring about the change from 500cc racing to MotoGP four-stroke racing, Dorna has obtained the world championship organization rights from the FIM (Fédération Internationale de Motocyclisme) which is the world governing sole body of motorcycling with authority to organise motorcycle world championships.[ citation needed ]

Ownership

Carmelo Ezpeleta, Dorna Sports CEO Madrid rinde homenaje al campeon de motociclismo Angel Nieto (08) - Carmelo Ezpeleta (cropped).jpg
Carmelo Ezpeleta, Dorna Sports CEO

Set up by Banco Banesto as Dorna promocion del deporte, the company was sold to CVC Madrid in 1998 as the operation developed internationally and was renamed Dorna Sports. The purchase was closely supervised by American Hardy McLain, cost $80 million (approximately), half of which was needed to pay off Dorna debt. McLain, one of the founders of CVC and formerly an executive of Citibank (CVC was spun out of Citibank in 1981), was present at several motorcycle Grand Prix events in 1998 but, confident in the ability of Dorna CEO Carmelo Ezpeleta, has left the running of the company to the Spaniard, as well as the almost completely Spanish Dorna executive leadership. [3]

Sale to management

In November 2005 CVC Capital Partners announced it was to acquire the 25% and 48% shares of Bambino and Bayerische Landesbank in Formula1 commercial rights' holder SLEC and acquired the shares of JPMorgan Chase in December 2005. This deal was given approval by the European Commission on 21 March 2006 subject to the sale of Dorna Sports. [4]

By divesting Dorna, the Commission concluded that CVC's Formula One transaction would not cause competition concerns. Competition commissioner Neelie Kroes, said: “When the two most popular motor sport events in the EU, Formula One and Moto GP, come in the hands of one owner, there is a risk of price increases for the TV rights to these events and a reduction in consumer choice. I am satisfied that the commitments given by CVC will eliminate this risk.” [5] Its final 71% stake in Dorna was sold by CVC for £400million on 28 March, selling the holding to Dorna Sports management.

In October 2023, third-party sources were reporting that Spanish news website El Confidencial had suggested Dorna Sports could be available for sale at the price of €2 billion. [6] [7]

On April 01, 2024, Liberty Media announced that it had agreed with Dorna to acquire 86% of the company for €4.2 billion, with 14% being retained by Dorna's management team. This deal is expected to close by the end of 2024 and is subject to regulatory approval. [8]

Questionable practices

In 2005, with the growth of the Internet, Dorna began the controversial practice of charging for Press Credentials for online publications. The "fee" varied from 100 euros to 1000 euros. Most newsworthy publications turned their back on this flagrant exploitation by the event promoter.[ citation needed ]

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References

  1. ↑ "MotoGP and World Superbikes brought together - MotoGP News". Crash Media Group Ltd. 2 October 2012. Retrieved 29 August 2016.
  2. ↑ Sam Tremayne (2 October 2012). "Dorna to organise both World Superbikes and MotoGP from 2013". autosport.com. Haymarket Media Group . Retrieved 20 March 2015.
  3. ↑ "SPEEDtv.com - NOYES: CVC, Owners of Dorna, Now Hold Controlling Interest in Formula One Too - written by Dennis Noyes Sports Commentary". Archived from the original on 27 May 2006. Retrieved 26 June 2006.
  4. ↑ "Money". Archived from the original on 11 March 2007. Retrieved 29 August 2016.
  5. ↑ http://ventureeconomics.com/evcj/protected/mthlyfeatures/1145454166779.html%5B%5D
  6. ↑ Are owners of MotoGP considering selling up? visordown.com, 20 October 2023. Retrieved 6 November 2023
  7. ↑ @elconfidencial (19 October 2023). "Bridgepoint explores with banks the sale of MotoGP for 2,000 million" (Tweet). Retweeted by matoxley. Retrieved 6 November 2023– via Twitter.
  8. ↑ "Liberty Media Announces Agreement to Acquire Commercial Rightsholder of MotoGP™". Liberty Media Corporation. 1 April 2024. Retrieved 31 May 2024.
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