Dorna Sports, the commercial rights-holder to motorcycling’s MotoGP series, is to provide its teams with advance payments as the financial effects of the Covid-19 pandemic continue to take hold.
Announcing its financial support measures today (Friday), Dorna said that it had received the “full commitment” from its shareholders Bridgepoint Capital and CPP Investments.
News of the support packages comes after the French GP was yesterday the latest to be postponed because of Covid-19. The MotoGP opener in Qatar was cancelled before races in Thailand, USA (Austin, Texas), Argentina and Spain were also postponed.
Dorna said that the independent MotoGP teams will each receive “considerable advance payments during the months of April, May and June, irrespective of whether activity is restarted or not”.
The support to the independent teams will amount to €4.5m ($4.8m) split amongst the teams, according to Spanish sports newspaper AS.
The payments are being made “in order to guarantee the economic well-being of the Independent Teams and their staff, as well as to secure their subsistence for the future”.
Payments are being made through the International Road-Racing Teams Association (IRTA) and contributions to the teams from the lower-tier Moto2 and Moto3 series have already been made. Dorna is also considering payments to the intermediate and lightweight class teams.
Dorna added that it is “working hard to try and ensure that this crisis leaves all those in the MotoGP World Championship with only one consequence; that of a modified calendar”.
Bridgepoint bought Dorna in 2006 in a deal valuing the company at around €500m. Bridgepoint then sold a 39-per-cent stake to Canadian pension fund investment group CPP in 2012.