Jorge Lorenzo, three times world champion was born in Palma. | EFE

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Three-time Moto GP world champion Majorcan Jorge Lorenzo has decided to retire from motorcycle racing.

He has been saying for a number of weeks that he wanted to continue, but his mind is now made up.

In addition to his three world titles he also has two 250cc world championships from 2006 and 2007.

Lorenzo has won a raft of awards throughout his career and the Community Grand Prix Valenciana will be his last race as a MotoGP rider.