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The ailing Pierer Group has sold its 50.1% share in MV Agusta Motor S.p.A. back to the Sardarov family, saving a good deal of money on the purchase of the remaining 49.9% and generating at least an additional two-double-digit million Euro amount for restructuring KTM AG.
However, it was always clear that huge investments would be necessary to revive the ailing MV Agusta Motor S.p.A. in Varese. Over the last 20 years, MV had regularly made headlines with bankruptcies, factory closures, and strange decisions (for example, participating n the Moto2 World Championship with the poor Forward Team) after the luxury brand was bought by Cagiva founder Castiglioni.
Even under its new owner, Rashid Sardarov, the financial situation didn't significantly improve. It was only under KTM AG's umbrella that MV Agusta was going to flourish again. Former KTM board member, Hubert Trunkenpolz, was appointed CEO. In 2024, he spent more time in Italy than in Upper Austria and set himself the goal of selling at least 5,000 to 6,000 MV motorcycles in 2025 and the sale of 10,000 motorcycles were planned for 2026.
A Herculean task lay ahead, since only 1,852 MV motorcycles were sold in 2023, while the number of units sold in 2022 was just under 1,000.
By taking over a majority stake in MV, the Pierer Group was able to offer three- and four-cylinder bikes in its model range for the first time.
Following its motto, "Ready to Race", MV Agusta should soon be able to play a well-known role in international motorsports again. There was even talk last summer of MV Agusta entering the MotoGP in 2027. Pierer and Trunkenpolz wanted to keep MV Agusta as an independent brand, continue production in Varese and, unlike Husqvarna and GASGAS, not place the Italian product on the usual KTM platforms.
Therefore, production was supposed to remain in Varese, but sales were to be taken over by the Pierer Group, and synergies were to be used in purchasing, design, and marketing. MV Agusta motorcycles were to be sold more in multi-brand stores, for example, through multi-brand dealers. They also had a joint 1,700 square meter stand for KTM, Husky, GASGAS, and MV Agusta at the EICMA trade fair in Milan in November 2024.
"A shift of production from MV to Austria was never planned and won't happen," Hubert Trunkenpolz said two years ago. "The concept of MV Agusta outside Italy and far from the historic factory in Varese would be doomed to die."
But two weeks ago, Pierer Mobility AG announced the sale of all shares in MV Agusta to its previous minority shareholder, Art of Mobility S.A., which is attributed to the family of the Russian oligarch, Rashid Sardarov, based in Dubai.
As a result, the return they hoped for, with MV Agusta in the MotoGP World Championship, will probably remain an unfulfilled dream of Italian motorcycle racing fans forever.
MV Agusta Motor S.p.A., founded in 1945, looks back on a glorious past in the GP. Giacomo "Ago nazionale" Agostini won 13 of his 15 world championship titles with MV (MV stands for Meccanica Verghera, a district of Samarate where the first motorized motorcycles were produced). The current headquarters and main production facilities are located in Varese.
The name, Agusta, refers to the company's founder, Count Domenico Agusta, who lived from 1907 to 1971. The company produced both motorcycles for everyday use and exclusive models in small series.
But it was only through its glorious participation in the motorcycle world championship that MV Agusta acquired this renowned reputation and unique image.
In the world championship, the factory team, Reparto Corse, won a total of 75 world championship titles (38 riders and 37 constructors) from 1952 to 1974, establishing itself as the most successful European motorcycle manufacturer in the fight against the Japanese giants. In 1977, MV Agusta stopped producing motorcycles due to financial problems. In its last few years, up until a provisional end in 1980, only spare parts were produced, as a guarantee for the motorcycles sold. In 1992, the Castiglioni Group (Cagiva) started anew under the previous brand name, MV Agusta. At one point, the Mercedes subsidiary, AMG, also owned 25% of MV Agusta.
However, in 2017, MV Agusta was bought by the Russian fund, "Comsar Invest", owned by Russian father and son, Timur and Rashid Sardarov, who, at the same time, took back the 25% company shares held by Mercedes AMG.
Rashid's son, Timur, became CEO of MV Agusta after a stake of almost 50% in MV Agusta was agreed through the company, Black Ocean Group, and its investment fund, "Comsar Invest“.
Sardarov and his Black Ocean Group earned their money from oil and gas production and marketing in Russia and Eastern Europe.
Giovanni Castiglioni, however, retained the majority in MV Agusta through his company, GC Holding.
With the announcement of the new investor, MV Agusta announced that the recapitalization of the financially-troubled company had been successful and that the company was financially liquid again. Castiglioni announced the production of "super premium motorcycles". His strategy of making MV Agusta a low-cost mass manufacturer had failed miserably.
In 2016, there was still discussion about whether Mercedes AMG should take over all of MV Agusta's debts and also receive the remaining 75% of the company's shares. After all, the VW Group had long since brought a renowned motorcycle manufacturer, Ducati Motor, into its portfolio, for a reported purchase price of 730 million Euros!
MV Agusta announced that it would sell 8,500 to 9,000 motorcycles in 2015: a figure that was probably hopelessly exaggerated. After that, production came to a standstill for a long time. MV Agusta's liabilities were estimated at 40 to 80 million Euros in April 2016.
MV did participate in the Supersport and Superbike World Championships at the time. Business man Andrea Quadranti was the team owner in both series. He expected that the manufacturer from Varese would become more involved in development again in 2017, but this wasn't fulfilled. In 2015 and 2016, Quadranti's crew largely financed the their participation in the World Championship alone, sometimes presumably receiving some MV Agusta series models from Varese, the sale of which partially financed the racing operation.
In autumn 2016, the head of Forward, Cuzari, announced that MV would possibly replace Honda as the supplier of the Moto2 standard engines and that entry into the MotoGP World Championship was planned for 2018, at the latest. He himself wanted to become MV Agusta's racing director.
These plans turned out to be fairy tales. Cuzari did, after all, use his steel chassis (developed and built by Suter Industries in Switzerland) in the Moto2 World Championship for four years under the name MV Agusta, but the results were embarrassing. At the same time, as the Pierer managers arrived in Varese, the disconcerting Moto2 adventure was put to rest.
Team owner Andrea Quadranti expects that the manufacturer from Varese will be more involved in development in the future. For the last two years, the Quadranti crew has managed participation in the World Championship on its own.
It's doubtful whether MV Agusta will ever be successful enough to compete in racing at the highest level in the foreseeable future. KTM's majority owner, 68-year-old Stefan Pierer, had considered returning to the "premier class" with MV Agusta in 2027 and using the World Championship as an advertising platform for MV.
It remains to be seen whether the Sardarov family will find a new, potent buyer or investor for the luxury brand, because the financial challenges can hardly be met with the current production numbers.
