Motorcycling-Dorna and FIM renew MotoGP agreement to 2060

(Reuters) - MotoGP promoter Dorna has renewed an agreement with the governing FIM to secure the rights to the motorcycle series until 2060, both sides said in a statement on Thursday.

Spain-based Dorna has held the promotion rights to motorcycle grand prix racing's top category since 1992.

Formula One's U.S.-based rights holder Liberty Media announced in April a takeover of Dorna that valued MotoGP at 4.2 billion euros ($4.66 billion).

The deal will see Liberty Media acquiring approximately 86% of Dorna, with Dorna management retaining around 14% of its equity, and is expected to be completed by the end of 2024.

Dorna Chief Executive Carmelo Ezpeleta hailed the agreement with the FIM.

"It is fantastic news for the sport, and our fans around the world, that this partnership is guaranteed to continue. We have built something truly special and will continue to grow the sport even further, working together," he said.

"Being able to come to such a long-term agreement adds incredible value for MotoGP."

($1 = 0.9011 euros)

(Reporting by Alan Baldwin, editing by Toby Davis)