MotoGP Sports Entertainment S.L.

What does Dorna Sports own?

Dorna Sports holds the commercial rights to two major motorcycle racing properties: MotoGP (the premier class of motorcycle road racing, including the Moto2 and Moto3 support categories) and the World Superbike Championship. The company does not own the racing teams or circuits but manages the commercial aspects of the championships, including broadcast rights, sponsorship, race hosting agreements, and event production. Dorna was renamed MotoGP Sports Entertainment Group by Liberty Media in early 2026, though the Dorna name remains in operational use.

Is Dorna Sports publicly traded?

No. Dorna Sports is a private company, 84% owned by Liberty Media Corporation. Liberty Media trades on Nasdaq under the tickers FWONA and FWONK, and MotoGP's financial results are reported as part of Liberty's Formula One Group. The remaining 16% of Dorna is held by prior owners including management. Dorna itself does not have publicly traded shares.

Who founded Dorna Sports?

Dorna Sports was founded in 1988 in Madrid, Spain, as Dorna Promocion Deportiva. Carmelo Ezpeleta, who has led the company since its founding, built Dorna from a sports marketing agency into the commercial rights holder for MotoGP. Ezpeleta acquired the commercial rights to the FIM Road Racing World Championship Grand Prix in 1992 and rebranded it as MotoGP in 2002. He remains as CEO under Liberty Media ownership.

Where is Dorna Sports headquartered?

Dorna Sports is headquartered in Madrid, Spain. The company's offices in Madrid serve as the operational center for MotoGP and World Superbike Championship management, including commercial operations, media production, and event logistics. Dorna employs approximately 300 people, primarily based in Madrid, with additional staff working at race events globally across 18 countries.

How many brands does Dorna Sports own?

Dorna manages two primary motorsport properties: MotoGP and the World Superbike Championship. MotoGP includes three racing categories (MotoGP, Moto2, and Moto3), while World Superbike Championship is a separate series for production-based motorcycles. These are sporting properties rather than consumer brands, and Dorna manages their commercial rights rather than owning them as trademarks in the traditional sense.

Who owns Dorna Sports?

Dorna Sports is 84% owned by Liberty Media Corporation, which acquired its stake in July 2025 for a total transaction value of $3.1 billion. Liberty Media, which also owns Formula 1, acquired Dorna through its Formula One Group. The remaining 16% is held by prior owners, including Dorna management. Carmelo Ezpeleta, the founder and CEO, retains a minority stake and continues to lead the company. Liberty Media is publicly traded on Nasdaq under the tickers FWONA and FWONK.

What is Dorna Sports' revenue?

Dorna reported 2025 revenue of $573 million with a profit of $54 million. In Q1 2026, MotoGP revenue was $94 million, up from $75 million in Q1 2025 on a pro forma basis, with a loss of $24 million. In Q2 2026, revenue was $170 million, down 2% on a pro forma basis, with operating income of $37 million and Adjusted OIBDA of $76 million, up 3%. For the first six months of 2026, revenue was $264 million, up 6%, with Adjusted OIBDA of $92 million, up 10%. Revenue is generated through race hosting fees, television and media rights, sponsorship and advertising, and hospitality.

Dorna Sports was founded in 1988 in Madrid, Spain, as Dorna Promocion Deportiva. The company was initially involved in sports marketing and promotion, working across various sports including motorcycle racing, golf, and tennis. Carmelo Ezpeleta, a Spanish businessman with experience in motorsport promotion, led the company from its founding.

In 1992, Dorna acquired the commercial rights to the FIM Road Racing World Championship Grand Prix from the FIM. At the time, the championship was a fragmented property with limited commercial organization. Circuits negotiated individually with teams, television coverage was inconsistent, and sponsorship revenue was modest compared to Formula 1. Ezpeleta saw an opportunity to professionalize the commercial management of motorcycle racing, similar to what Bernie Ecclestone had done with Formula 1 in the 1980s.

Under Dorna's management, the championship was rebranded as MotoGP in 2002, coinciding with the introduction of 990cc four-stroke prototypes that replaced the 500cc two-stroke machines. The rebranding and technical regulations change attracted manufacturer interest from Honda, Yamaha, Suzuki, Kawasaki, and Ducati, and increased the sport's commercial appeal. Dorna standardized television production, introduced a centralized media operation, and negotiated global broadcast agreements.

Dorna expanded the championship's geographic reach, adding races in Asia, the Middle East, and the Americas. The company also developed support categories, including Moto2 (introduced in 2010) and Moto3 (introduced in 2012), creating a structured pathway from entry-level to premier-class racing. These support categories increased the value of race weekends for circuits and broadcasters while developing talent for the premier class.

In 2004, CVC Capital Partners acquired a controlling stake in Dorna. The private equity firm invested in the company with the expectation of growing MotoGP's commercial revenue and expanding its global reach. Under CVC's ownership, Dorna continued to expand the calendar and increase broadcast revenue. However, CVC also acquired Formula 1 in 2006, and European antitrust regulators required CVC to divest one of its motorsport properties due to competition concerns. CVC chose to retain Formula 1 and sold its stake in Dorna to Bridgepoint Capital in 2006.

Bridgepoint Capital, another private equity firm, held Dorna from 2006 to 2024. Under Bridgepoint's ownership, Dorna navigated the 2008 financial crisis, expanded into new markets including Asia and the Middle East, and signed long-term agreements with manufacturers and circuits. The company also launched the World Superbike Championship commercial rights management, adding a second major property to its portfolio. Bridgepoint periodically explored sale options, including reported interest from Qatar Sports Investments and other parties, but no transaction materialized until Liberty Media's acquisition.

In April 2024, Liberty Media announced a definitive agreement to acquire 86% of Dorna for approximately EUR 4.2 billion (approximately $4.5 billion at the time). The deal was subject to regulatory review by the European Commission and other antitrust authorities, given Liberty Media's ownership of Formula 1. The European Commission approved the acquisition in June 2025, concluding that MotoGP and Formula 1 operate in distinct markets and that the acquisition would not harm competition. The transaction closed in July 2025, with Liberty acquiring an 84% stake (adjusted from the initially announced 86%) for a total transaction value of $3.1 billion, lower than the initially reported figure due to currency movements and working capital adjustments.

In Q1 2026, Liberty Media reported MotoGP's financial results for the first time as part of its Formula One Group. The results showed revenue growth driven by increased race promotion fees and new sponsorship, though the business posted a quarterly loss due to higher operating costs including freight and fuel expenses. In early 2026, Liberty renamed the entity from Dorna Sports to MotoGP Sports Entertainment Group.

In Q2 2026, Liberty reported that MotoGP had signed new 5-year agreements with all manufacturers and teams through 2031, providing long-term stability. The company also renewed agreements with Malaysia through 2031 and Silverstone through 2028, extended broadcast agreements with DAZN in Spain and Sky DACH covering Austria, Germany, and Switzerland, and appointed CAA (Creative Artists Agency) as its global sponsorship agency. Liberty also re-priced MotoGP's debt facilities and funded a $114 million debt reduction.

Dorna has implemented a sustainability strategy called "Racing For the Future," which covers environmental, social, and governance initiatives across MotoGP and World Superbike Championship events.

On environmental sustainability, MotoGP has introduced sustainable fuels. From 2024, all MotoGP categories use fuel with a minimum of 40% non-fossil origin content, with a target of 100% sustainable fuel by 2027. This initiative is positioned as relevant to the broader motorcycle industry, as the sustainable fuel technology developed for racing could potentially be applied to production motorcycles.

Dorna has also implemented waste reduction and recycling programs at race events, though the environmental impact of transporting teams, equipment, and fans to 22 global races is significant. The company has not published detailed carbon emissions data, though Liberty Media's consolidated reporting may bring greater transparency to MotoGP's environmental footprint.

On social sustainability, Dorna has launched initiatives to improve diversity and inclusion in motorcycle racing. The FIM Women's Circuit Racing World Championship was introduced as a support category at select MotoGP events. Dorna has also promoted road safety campaigns tied to MotoGP events, particularly in markets with high motorcycle usage.

Dorna is not a Certified B Corporation and has not published a standalone ESG report. Under Liberty Media ownership, MotoGP's sustainability reporting may be integrated into Liberty's broader ESG disclosures, similar to how Formula 1's sustainability initiatives are reported.

The company has not faced significant greenwashing criticism, though the environmental impact of motorsport is inherently a target for environmental groups. The sustainable fuel initiative is the most concrete environmental commitment, with a clear timeline and measurable target.

Dorna and MotoGP have received recognition within the sports and motorsport industry. The company's production quality, including on-site broadcasting and digital content creation, has been recognized with industry awards for sports broadcasting.

Carmelo Ezpeleta has been recognized by the motorsport industry for his role in building MotoGP into a global property over more than three decades. Under his leadership, MotoGP has grown from a fragmented European-centric championship to a global series with races across 18 countries.

MotoGP events have received recognition for attendance and organization. The Australian Grand Prix at Phillip Island, the Italian Grand Prix at Mugello, and the British Grand Prix at Silverstone are among the most attended and acclaimed events on the calendar.

The championship itself is recognized as the premier class of motorcycle road racing, attracting the world's top riders and manufacturers. The level of competition in 2026 has been noted as among the tightest in the sport's history, with unpredictable results including Jorge Martin's comeback and continuous close racing.

Dorna has faced several controversies and regulatory matters during its history.

The Liberty Media acquisition was subject to regulatory review by the European Commission, given Liberty's ownership of Formula 1. The Commission examined whether the acquisition would harm competition in the motorsport commercial rights market. In June 2025, the Commission approved the acquisition, concluding that MotoGP and Formula 1 operate in distinct markets and that the acquisition would not significantly impede competition. The approval was granted without conditions, though the Commission noted that the markets for motorsport commercial rights and motorsport media rights are still developing.

The CVC Capital Partners era (2004 to 2006) ended due to antitrust concerns. When CVC acquired Formula 1 in 2006, European regulators required CVC to divest its stake in Dorna to avoid controlling both major motorsport properties. CVC sold Dorna to Bridgepoint Capital, resolving the antitrust concern. The fact that Liberty Media was allowed to acquire both Formula 1 and MotoGP nearly two decades later reflects changes in how regulators view the motorsport market, as well as the growth of digital media and entertainment options that compete for audience attention.

Dorna has faced disputes with circuits over hosting fees. Some circuits have argued that Dorna's fee demands are too high relative to the revenue that circuits can generate from ticket sales, hospitality, and local sponsorship. Circuit negotiations are typically confidential, but several circuits have dropped off the calendar over the years due to financial disagreements, including the German Grand Prix, which has been absent from the calendar in recent years.

The company has faced criticism over the balance of power between manufacturers and the commercial rights holder. Manufacturers have periodically expressed concerns about technical regulations, revenue distribution, and calendar composition. The new 5-year agreements with all manufacturers and teams through 2031, announced in Q2 2026, address some of these concerns by providing long-term alignment.

Dorna has also faced scrutiny over rider safety. Motorcycle racing is inherently dangerous, and serious injuries and fatalities have occurred in MotoGP and its support categories. Dorna has invested in safety improvements including air fence barriers, improved helmet standards, and medical facilities at circuits. The company works with the FIM and IRTA (International Racing Teams Association) on safety regulations, though the inherent risks of the sport remain.