MotoGP and manufacturers sign first Formula 1-style Concorde agreement
MotoGP and its five manufacturers have today signed a first-of-its-kind partnership that mimics Formula 1’s famous Concorde agreement.
The two-wheeled motorsporting discipline, owned by Formula 1 parent Liberty Media, this morning agreed what they have called a “defining” agreement between themselves and the five bike manufacturers – Aprilia, Ducati, Honda, KTM and Yamaha – in a move that will help commercialise the sport through until 2031.
A secondary agreement with the 11 teams has been confirmed and will be announced at a later date.
This version of a Concorde agreement – which streamlines the commercial, financial, and governance terms across Formula 1 and its constructor teams – will be “focused on the best interests across sporting, technical and commercial dimensions, establishing a framework that ensures competitiveness, technological relevance and the continued global appeal of the championship, underpinned by a clear long-term vision”.
Carmelo Ezpeleta, chief of the MotoGP Group said: “Together with our longstanding partnership with the FIM [Federation Internationale de Motocyclisme] through to 2060, this agreement gives us a powerful platform to continue growing – building on decades of progress while accelerating into a new phase for the sport.”
MotoGP first
A deal was completed in July last year that saw Liberty Media take a 84 per cent holding in Dorna Sports – which runs MotoGP – for around £4bn having successfully passed through antitrust concerns within the European Union.
MotoGP management maintained a 16 per cent stake in the business with Ezpeleta holding his post as chief executive.
The business became MotoGP Sports Entertainment Group earlier this year and in June repriced its billion-dollar debt.
“As part of this process, MotoGP, the Manufacturers, the Teams and the FIM are working collectively to identify opportunities to enhance both technical and sporting aspects of the championship, ensuring a continued focus on safety as well as delivering an even stronger product for fans,” a statement read. “This shared approach will guide MotoGP’s continued progression while preserving the DNA that defines it as the pinnacle of motorcycle racing.”