Revealed: The Mammoth Sum of Money Invested to Buy Land for the Glamorous 2024 Las Vegas GP

Published 05/07/2022, 8:56 AM EDT

Formula 1 will bring its signature brand of high-octane racing to America this weekend with a street race in the downtown of Miami. With the sport growing massively in the country in recent years, F1 has also added a race to Las Vegas from 2023.

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There will be three races in the States from next year and reports suggest that Formula 1’s parent company Liberty Media is investing in Las Vegas for the Grand Prix. Formula 1 usually leave the commercial side of organizing the race up to the promoters of the event.

But this time, Liberty will take a stake in the commercial operation in partnership with local shareholders, which means it will take on what had normally been promoter responsibilities for delivering the event.

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Has F1 Ever Raced in Las Vegas?

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In an example of the lengths to which F1’s new owners Liberty Media will go, they have confirmed that it will host the Las Vegas race next year. The company is also paying $240 million to acquire 16 hectares of land for the paddock and building.

Liberty CEO opens up on the decision to acquire land in Las Vegas

Come the thanksgiving week in 2023, Sin City will host a race under the lights. As the excitement builds, Liberty Media’s CEO Greg Maffei revealed that the company will host the race.

He said, “Liberty Media has indeed entered into arrangements to acquire land east of the Las Vegas strip. And unlike most other tracks, in this case Formula 1 and Liberty Media are taking on the role of promoter in partnership with local shareholders and Live Nation.”

He also says Formula 1 could use this model again if it turns out to be a success. “Let’s see how things go in Las Vegas,” he said. We hope to succeed, and then we will think about how to proceed. Perhaps we will become promoters of several more stages. I wouldn’t turn down that opportunity,” Maffei added.

F1 CEO states the importance of promoters

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F1 CEO Stefano Domenicali, meanwhile, has not ruled out F1’s intention to host the races. However, he also believes the importance of promoters to run the Grand Prix cannot be understated.

MONZA, ITALY – SEPTEMBER 01: Former Ferrari Team Principal Stefano Domenicali talks in the Ferrari garage during final practice for the Formula One Grand Prix of Italy at Autodromo di Monza in Monza, Italy. (Photo by Lars Baron/Getty Images)

“Each new promoter adds new strengths and opportunities to our system. This also affects the promoters of the traditional Grand Prix, which we treat with great respect. I agree with Greg – never say never. But I want to emphasize again that we are very pleased with the promoters that work with us.”

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WATCH THIS STORY: F1 Drivers Fighting on Track

It will certainly be interesting to see whether Liberty Media will look to host races themselves. Should Liberty Media host races by themselves? Leave your thoughts in the comments.

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Rahul Madhavan

269 articles

Rahul Madhavan is a Formula 1 writer at EssentiallySports. After completing his Bachelor's degree in business administration, he is pursuing his love for sports in the form of writing. Rahul is an avid McLaren fan, who also enjoys writing about soccer.

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