MotoGP is a sporting discipline, but it is also a busy business. The work accomplished in recent years has made motorcycle Grands Prix what is now considered the premier spectacle of motorsport. In place of a Formula 1 whose reign seemed eternal. However, the investment fund Bridgepoint which holds 40% of the shares in this adventure wants to sell. But according to specialists, this would be good news.
The Bridgepoint investment fund is preparing the sale of a MotoGP in which it holds 40% of the shares. A situation revealed by the Financial Times newspaper. The majority shareholder thus entrusts business management advisors from the Lazard firm with the analysis of the accounts of Dorna, the operational branch of MotoGP, and the preparation of the sale of shares.
In 2012, Bridgepoint had already sold 39% of MotoGP-related activities to the Canadian CPPIB pension fund. Bridgepoint took control of the category a decade ago. MotoGP has proven to be a very successful activity. Each year strong dividend distributions to shareholders, through at least three different recapitalizations. According to Financial Times estimates, MotoGP is currently a billionaire, despite the high debt incurred by Dorna for recapitalization and dividend coverage.
Among the international companies that could be interested in this activity, the newspaper cites CVC. This is the same entity that, in 2006, sold MotoGP to the same Bridgepoint for around 500 million euros. At the time, CVC wanted to focus on F1.
The return of CVC would be the scenario most appreciated by Dorna, because it would restore relations with a historical partner. Concretely, this would mean that the control role of Dorna and Carmelo Ezpeleta could be sustained. We would therefore avoid an effect similar to that caused by the entry of Liberty Media into F1. New US bosses actually ousted former director Bernie Ecclestone, thus bringing a decisive change to the management of the company.