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Updated May 17th, 2022 at 22:23 IST

Formula One to spend $240M on construction plot for Las Vegas GP; Here are the details

Know why Formula One is spending a whopping amount of $240 million to buy a construction plot for the inaugural Las Vegas Grand Prix.

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Image: AP | Image:self
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Formula One is set to spend a huge amount of $240 million to buy a construction plat for the sole purpose of establishing the F1 pits and paddock for Las Vegas GP. Following the success of the inaugural Miami Grand Prix, F1 CEO Stefano Domenicali spoke to Motorsport.com and revealed more about the same. While asserting the race as a success, he went on to reveal his feelings about the inaugural Las Vegas GP, which will be held in November 2023. 

As reported by Motor Sport, shedding views about the pit and paddock facility, Domenicali said, “I would note that Liberty Media did enter an agreement to acquire 39 acres east of the strip to lock in circuit design and create capacity for the pit and paddock, among other hospitality and race support venues. I expect that transaction will close in the second quarter, and the purchase price was $240 million, which will be funded by cash on hand at the F1 group level. And that'll be the site of the pit and paddock, and some other hospitality."

Growth in popularity of F1 in the US after Liberty Media takeover

The F1 CEO also mentioned that F1 and Liberty Media are self-promoting the race with local stakeholders and Live Nation. In the 2022 season, the United States already featured two F1 races at Miami and Cota, and Vegas will be the third city to host a race next year. Towards the end of March 2022, Formula 1 announced that they are venturing back into Las Vegas after a gap of 40 years.

While announcing Las Vegas as F1’s latest venue during a conversation with the Associated Press, the President and CEO of Liberty Media, Greg Maffei, said, “The momentum of Formula One has been demonstrated over the last several seasons and we’ve seen that potential turn into a reality as we watch our fanbase really grow around the world, but especially here in the U.S”.

Formula One raced in Vegas in the parking lot of the Caesars Palace hotel in 1981 and 1982, before F1 pulled back. Following the intense title battle between Max Verstappen and Lewis Hamilton in 2021, and courtesy of the Netflix documentary 'Drive to Survive', F1 has a considerable amount of viewership in the country now. It is pertinent to mention that US will be the only country to host three races in the F1 2023 calendar.

(Image: AP)

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Published May 17th, 2022 at 22:23 IST

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