It comes as no surprise that Formula one is the biggest motorsport event in the world right now. Formula one is known as the sport with the single-seater cars with a staggering 1000 horses of power, steered by 20 of the best and fastest drivers in the world.
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Formula One F1 – Miami Grand Prix – Miami International Autodrome, Miami, Florida, U.S. – May 8, 2022 General view as the U.S. flag is held before the start of the race REUTERS/Brian Snyder
Miami held its first Grand Prix event around the Hard Rock Cafe. The first race, completely studded with glamour, left all the viewers star-struck with some of the most jaw-dropping celebrities. However, that’s not the end of it. In fact, the United States will host another Formula 1 racing event in 2023. And, this one will be a new street track in Las Vegas, or as we all know it, the city of sins.
Of course, NASCAR remains the primary sport in America with a significantly higher viewership and fans. However, a new development reveals something really shocking.
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Sources Reveal The Budget Foothold Formula 1 Has Over NASCAR
Formula one increases its reach in the Americas. And, new sources reveal an eye-opening advantage that Formula One has.
Front Office Sport confirmed the funding from Las Vegas’ Tourism for the Las Vegas GP in a tweet that said, “Las Vegas’ tourism board has committed $19.5 million over the next three years to host Formula 1 races. As part of the partnership, Vegas will ensure Liberty Media obtains land and approval, relationship building with resorts, event support and more.”
Las Vegas' tourism board has committed $19.5 million over the next three years to host Formula 1 races.
As part of the partnership, Vegas will ensure Liberty Media obtains land and approval, relationship building with resorts, event support and more 🏎 pic.twitter.com/79iPffKLDq
— Front Office Sports (@FOS) May 13, 2022
This is a very major difference in the budget if you consider that Formula One will get $6.5 Million per year. On the other hand, NASCAR gets right about $1.6-$1.75 million, as confirmed by Bob Pockrass on Twitter.
Las Vegas visitors bureau paying $6.5M/yr over three years to F1 …. It pays LVMS $1.6-$1.75M a yr to have 2 tripleheaders (ARCA race considered part of tripleheader in fall). https://t.co/pIjaLTmaGy
— Bob Pockrass (@bobpockrass) May 13, 2022
The sudden jump in popularity of Formula One comes as no surprise. Especially, after Netflix’s documentary, Drive to Survive. In fact, the docu-series has depicted some jaw-dropping numbers in growth and popularity alone.
In the end, it is apparent that Formula One has secured a place in current pop culture with a significant number of newer viewers being between the age of 16-35. However, is it fair to NASCAR compared to Formula One? Should they match the budget?