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Formula 1 and the organizers of the Miami Grand Prix announced on Friday that they have signed a 10-year contract extension, which will keep the less popular event on the F1 calendar until 2041.
The race in South Florida was first held in 2022 on a brand new track around the Hard Rock Stadium, as the second Formula 1 race on US soil. The Miami GP was part of a strategy to popularize this sport in America, which had no significant F1 scene. Red Bull driver Max Verstappen won, leaving Ferrari drivers behind on a less attractive track for senior F1 fans.
The event was attended by numerous celebrities, including Obama, Michael Jordan, and Ashton Kutcher, while the organizers carried out strong marketing efforts at the time. However, the circuit was deemed "boring" because its wide layout did not provide a challenge for the drivers.
Formula 1 president Stefano Domenicali stressed the importance of this event for the further development of the American sport.
“In just three years, the Miami Grand Prix has become one of the most important and spectacular events on our calendar. It perfectly embodies the spirit and ambition of Formula 1 in the United States. Extending the contract until 2041 is a strategic step that further strengthens our presence in America,” said Domenicali.
Tom Garfinkel, managing partner of the race and CEO of the Miami Dolphins and Hard Rock Stadium, was visibly pleased with the new contract, calling it a major achievement.
“Securing a ten-year extension with Formula 1 until 2041 is a tremendous achievement for all of us at Florida Motorsports and a true testament to the hard work of our team, the strength of our partnerships, the support of the community, and the growth of the sport in the United States,” added Garfinkel.
The Miami GP has been labeled as economically viable in the US, having generated over $1 billion in net revenue for the South Florida region in just its first three years. This weekend marks the fourth race in the city by the sea, and since two years ago, we have Las Vegas as a track in the F1 calendar, along with the already existing and well-known one in Austin.
English (US)