Liberty Media's proposed acquisition of MotoGP could face delays or cancellation as reports suggest the European Union is preparing to launch a formal investigation into the deal.

A month ago, Liberty Media's outgoing CEO Greg Maffei expressed optimism about clearing the EU regulatory hurdle.

"We are making progress with the European Commission," he said. "We continue to hope for closure by the end of the year."

However, according to Bloomberg, the EU is now planning a thorough investigation, as confirmed by two anonymous sources. A decision to proceed with the probe is expected by this Thursday.

In response to the latest reports, a Liberty Media spokesperson stated that the company is continuing to "work constructively" with regulators and remains confident that the EU will "understand the dynamic nature of the market."

The European Union declined to comment on the matter.

The deal has raised concerns among regulators and industry stakeholders, as it would place both Formula 1 and MotoGP under Liberty Media's control. Critics argue that this consolidation could stifle competition and innovation within motorsport.

Adding to the intrigue, Liberty Media recently announced the return of former F1 CEO Chase Carey to its board of directors. Carey, who served as F1's CEO until 2022, played a pivotal role in Liberty's acquisition of Formula 1 in 2017.

"Chase has been an excellent partner to Liberty for many years," said Liberty chairman John Malone, "from our investment in DirecTV in 2008 to Liberty's purchase of Formula 1 in 2017 where his role as CEO was key to securing the acquisition.

"His knowledge and expertise across media, entertainment, sports, business, and more will be valuable to the board as our companies execute on their next chapters of growth and value creation."