Formula 1 owner Liberty Media has bought MotoGP in a deal valued at £3.6bn.

The US media conglomerate, which took control of F1 in 2017, has purchased the motorbike series from Spanish company Dorna Sports, which has owned MotoGP since 1992.

The deal will see Liberty acquire about 86% of Dorna, with Dorna’s management retaining the rest of the business.

It is expected to be officially completed by the end of the year.

Greg Maffei, Liberty Media president and chief executive officer, said the company was “thrilled” to be expanding its live sports portfolio.

He added: “MotoGP is a global league with a loyal, enthusiastic fan base, captivating racing and a highly cash flow generative financial profile.

“The business has significant upside, and we intend to grow the sport for MotoGP fans, teams, commercial partners and our shareholders.”

Dorna chief executive officer Carmelo Ezpeleta said Liberty has an “incredible track record in developing sports assets”.

“We are proud of the global sport we’ve grown, and this transaction is a testament to the value of the sport today and its growth potential,” Ezpeleta added.

The first MotoGP season took place in 1949 with just six rounds of racing but has now grown into 20-grands prix campaign, covering five continents.

Spanish rider Jorge Martin is top of this year’s championship on 60 points followed by Brad Binder of South Africa on 42 points.