In late January 2026, a consortium led by Günther Steiner acquired Team Tech3. The reported price was approximately €20 million — but that figure needs to be read for what it is: the value of a specific transaction involving a satellite team, not a market-wide benchmark for MotoGP as a whole.

Put it next to the closest comparable and the gap becomes stark. The average Formula 1 team valuation was estimated at US$3.42 billion in November 2025, against annual F1 revenues of US$3.873 billion that same year. Over the same period, MotoGP generated US$573 million in annual revenue.

The F1-to-MotoGP revenue ratio sits at roughly 6.8x — call it 7x. The gap between average team valuations is far wider, which points to a multiple compression the market has yet to close. In other words, current pricing still reflects an older version of this asset’s story.

Three numbers to keep in mind

€20 million. That’s the reported price for Tech3 — not the going rate for a MotoGP team. It’s the floor of the market in one specific deal, not the midpoint of the distribution.

37 to 1. That’s the rough order of magnitude between the average F1 team value and its MotoGP equivalent today, using the US$3.42 billion F1 average as the reference point against a far lower MotoGP pricing. The revenue ratio, by contrast, is closer to 7 to 1.

€4.2 billion. That’s the enterprise value of Liberty Media’s acquisition of Dorna, completed in 2025 at an 84% stake. It’s the clearest signal that Liberty sees MotoGP as a commercial repositioning story, not just a sporting one.

The F1 playbook

When Liberty entered F1 in 2017, a mid-grid team was valued at roughly €160–200 million. Today, that same profile of team is worth approximately €1.5–2 billion. That’s a 15–20x average increase over eight years — and it wasn’t driven by on-track results alone.

Three factors did the heavy lifting: growth in the US fanbase, the media impact of Drive to Survive from 2019 onwards, and the cost cap introduced in 2021, which reframed many teams from cost centres into something resembling sustainable businesses. Stronger media rights and rising sponsor demand — particularly from North America — reinforced the shift.

Liberty has made clear it intends to apply at least part of this playbook to MotoGP. The question, then, isn’t whether the market will move — it’s how quickly.

The MotoGP catalysts

The next 18 to 24 months contain several events capable of moving valuations in a meaningful way.

MotoGP Concorde Agreement. The five-year revenue-sharing deal is the first real inflection point. If the payout structure for teams shifts toward something more mature and predictable, multiples will tend to follow.

MotoGP docuseries. Liberty has confirmed production of a series dedicated to MotoGP, with the stated aim of replicating — at least in part — the brand-expansion model that worked in F1. The effect will likely be more modest in MotoGP given the smaller starting base, but the direction is the same.

US expansion. MotoGP currently runs a single race in the United States, at Austin. A second event, if and when it materialises, could strengthen commercial visibility and sponsor value — but for now it remains a possibility, not a confirmed fixture.

MotoGP cost cap. This is still in the discussion phase, not final implementation. If a spending ceiling is introduced, satellite team valuations could rise faster than those of the factory-dependent outfits that currently sit at the top of the structure.

KTM’s situation. The most tangible ongoing risk remains the manufacturer’s stability. KTM emerged from insolvency and restructuring in 2025 with a creditor-approved plan in place; it should be treated as a live risk variable, not a closed chapter.

2031 scenarios

The figures below are analytical scenarios, not observed market prices.

Scenario	EV/Revenue Multiple	Average Team Value 2031	Multiple vs Tech3 today
Bear	1.5–2.0x	€35–55M	1.8–2.8x
Base	2.5–3.0x	€90–135M	4.5–6.8x
Bull	3.5–4.0x	€170–220M	8.5–11x

In the base case, average team values could climb toward €130–180M over a ten-year horizon. In the bull case — anchored to a multiple closer to what F1 commands today — the range extends to €280–350M. These are scenario estimates, useful for gauging rerating potential, not prices that have already been established in the market.

Where most people get it wrong

The most common mistake is reading the Tech3 deal at €20 million as “what a MotoGP team costs.” It isn’t. It’s what one satellite team cost in one specific transaction under specific circumstances.

The second mistake is benchmarking against NFL or NBA multiples as if they were realistic comparables for MotoGP. They aren’t — those markets operate with entirely different cap structures, TV economics, and commercial maturity. The most meaningful benchmark today remains F1.

The third mistake is treating future catalysts as done deals. A second US race, a MotoGP cost cap, the full impact of the docuseries, and a new distribution agreement are all factors that could move the market — but they need to be handled as hypotheses and trajectories, not confirmed outcomes.

Reading the moment

For teams looking for new commercial partners, the right message isn’t “we’re cheaper” — it’s “you’re entering a window where rerating is still on the table.” MotoGP pricing today is closer to where F1 was a few years ago than to where F1 is now, and that asymmetry is the real point of interest.

For sponsors, the cost of waiting can be quantified. If the championship manages to improve its commercial structure, a sponsorship package bought today at a given price may cost considerably more in 18 to 24 months. That’s the classic logic of an asset class in the early stages of repricing.

For institutional investors and family offices, the case is even more straightforward: MotoGP is not an asset to be liquidated in 12 months. It’s a thesis to be built over a three-to-five year horizon. Compress that timeline and the risk/return profile deteriorates quickly.

The bottom line

The right question — for anyone involved — is a simple one: can I afford a three-to-five year horizon?

If the answer is yes, MotoGP today offers a compelling window of rerating potential. If the answer is no, the timing isn’t right.

Buying into a MotoGP team today — or coming on board as a title sponsor — is a bit like purchasing property in a neighbourhood where planning permission has already been granted, but the new metro line hasn’t opened yet. The price reflects yesterday’s postcode. The appreciation begins when the market sees that tomorrow’s neighbourhood is already under construction.

The numbers don’t lie. They never do.