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What do you do when the financial arm of your company goes from making $100 million a year to losing $100 million a year? Why you kill off two other brands in your company of course. That is the move the Keith Wandell and the Harley-Davidson board of directors made yesterday with their announcement of shutting down Buell, and selling off MV Agusta. Realizing that the Harley-Davidson brand accounts for the majority of Harley-Davidson Inc.’s income, Harley-Davidson executives saw there being little choice but to sacrifice its other two holdings to save their namesake.

In conjunction with Harley-Davidson’s Q3 financial results, and shutting down of Buell Motorcycles, the Milwaukee motorcycle manufacturer is announcing that it will be selling Italian sportbike manufacturer MV Agusta.

Harley-Davidson bought MV Agusta just under a year ago, and assumed a substantial amount of debt from the beleaguered company. This past quarter, Harley-Davidson recorded a one-time fixed-asset impairment charge of $14.2 million related to Buell and a goodwill impairment charge of $18.9 million related to MV Agusta.

MV Agusta is set to debut its latest revision of the F4 tomorrow, and have teased us with a glimpse of the bike’s front section. Like the 2010 MV Agusta Brutale, the overall design seems to be in-line with the F4’s of yore, which is underwhelming to say the least. Yes, the F4 is one of the most iconic modern sportbikes, and the standard by which all motorcycle designs are measured, but we are disappointed that MV is once again running back to the well for its product inspirations.

You’ll remember a month ago we brought you spy shots of what appeared to be the new MV Agusta Brutale testing around the Almeria Circuit in Spain. In that outing we spotted what appeared to be both the revised versions of 990R and 1090RR, and now we’re happy to report that the 2010 MV Agusta Brutale has officially broken cover.

You wouldn’t know it by looking at it, but the Brutale has had over 85% of it components redesigned and replaced. Clearly MV Agusta has kept the basic shape of the Brutale true to its original form, but if you look closer you can see where the details have changed. Video, pictures, technical specifications, and more after the jump.

MV Agusta is rumored to have a 3-cylinder motorcycle in the works that’s smaller than the current F4, and Motociclismo was lucky enough to find it wandering about in the wild. Already dubbed the F3 (by the media, not MV), we know very few concrete facts about the F3, other than the visibly higher clutch case, and smaller front forks. The rest of the information is based on speculation and a little triangulation. Continue past the jump to read it.

To help raise money for the student housing that was toppled by the Aquila earthquake, MV Agusta Corse and Citroën have teamed up and created a special edition of the C2 that will be auctioned off on eBay. Dubbed the Citroën C2 Brutale, the C2 will sport styling cues similar to those found on the MV Agusta Brutale 1078 RR. To help facilitate that task, the design folks of MV Agusta came in, and gave the Citroën its fit and finish.

More spy shots for you this week as Motociclismo snapped shots of what appears to be the 2010 MV Agusta Brutale lapping around the Almeria Circuit in Spain.

It looks like both the 989RR and 1078RR were doing their testing duties on the track, and the photos reveal a new trellis frame design, possibly a new motor configuration, along with come other cosmetic changes to the current models.

We find ourselves down the California Coast this weekend, hobnobbing with the suits down at the Pebble Beach Concours d’Elegance. Amongst the bevy of tasty four-wheeled vehicles that seem to abound here (who knew?), we found a few motorcycles that we thought would fancy you, our dear reader. First up, is this 1979 MV Agusta Magni Superlight that is up for auction at the MidAmerica Auctions here at the Concours.

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Ducati has accused the Managing Director of MV Agusta, Henry D’ Onofrio, of commiting industrial espionage. Namely, the Bologna based Ducati accuses D’Onofrio of violating Ducati trade secrets, unlawful competition, and aggravated robbery against his former employer. 

Since May 1st, D’Onofrio has been the Managing Director of MV Agusta, the company’s most senior post since its acquisition by Harley-Davidson. Before this, the 51 year-old Italian was the Corporate General Director of MV Agusta, and previously worked at Ducati as the company’s Chief Financial Officer. 

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Things have been quiet on the Italian front after Harley-Davidson acquired premium sportbike manufacturer MV Agusta last year, with the American company apparently leaving the brand alone for a while after its purchase. The company we love to hate from Milwaukee has finally started to make some changes in the old Italian brand, drawing a clear line between what product lines will focus on a premium road bike experience for the rider, and what products will be developed for track day weaponry for the weekend warrior.