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Canada Pension Plan Acquires 39 Percent of Dorna
In a report by the Vancouver Sun, the Canada Pension Plan Investment Board has announced it acquired 39 percent of Dorna Sports, the organizing arm of MotoGP. Dorna now also manages WSBK, as part of a deal announced October 3 by private equity firm Bridgepoint.
The Canada Pension Plan Investment Board (CPPIB) also invested $400 million U.S. in Formula One Group. Formula One Group holds the race promotion, broadcasting, advertising and sponsorship rights for the FIA Formula One World Championship, aka F1 to fans. According the article, the CPP Investment Board didn’t disclose financial terms of the equity agreement with Dorna.
The Dorna agreement is part of a plan to expand Dorna through its acquisition of the FIM World Superbikes Championship.
“This is a unique opportunity to invest in a leading international sports management business,” said André Bourbonnais, Senior Vice-President, Private Investments, CPPIB.
CPP Investment Board will join Dorna’s management and European private equity firm Bridgepoint as a partner in the sports group.
“We look forward to working together with Dorna’s CEO, Carmelo Ezpeleta, his management team and Bridgepoint to continue Dorna’s global growth and to pursue exciting opportunities to expand into emerging markets,” added Mr. Bourbonnais in a press release.
Bridgepoint managing partner William Jackson, said: “This is very good news for Dorna. I’m delighted that CPPIB is to become a fellow shareholder to support the business at a time when the sport is moving to an exciting new stage in its development and both series continue their expansion.”
Dorna CEO Carmelo Ezpeleta, added: “I welcome CPPIB as a new shareholder. Alongside Bridgepoint, we now have long-term institutional support in place as we bring together for the first time the two top motorcycle racing series under one roof and as we develop and strengthen both championships.”
With this news of such a large share of money from the Canada Pension Plan invested in Dorna we can’t help but wonder if, given investments in the right race facility are put in place, either MotoGP or WSBK will at some point have a Canadian date on their calendars.
The CPPIB is a professional investment management organization that invests surplus contributions on behalf of 17 million Canadian contributors and beneficiaries of the Canada Pension Plan.
Source: The Vancouver Sun