The Miami Grand Prix, led by CEO Tom Garfinkel, has emerged as a financial powerhouse, surpassing the revenue generated by the Miami Dolphins’ 2022 season. Despite the Dolphins boasting star players like Tyreek Hill and Tua Tagovailoa, the Grand Prix’s meteoric rise in revenue has captured attention worldwide.

Despite facing logistical challenges due to COVID-19, including delayed international shipments, the inaugural Miami Grand Prix emerged as a massive success. In just three days, the Grand Prix accumulated a ticket sales revenue that exceeded the combined revenue from all of the Miami Dolphins’ home games in 2022 by 25%.

Grand Prix vs. Dolphins

With standout performances from players like Tyreek Hill, affectionately known as “Cheetah” for his lightning-fast speed, and quarterback Tua Tagovailoa, who led the NFL in passing yards, the Dolphins’ revenue could not match the Grand Prix’s surge. Hill’s remarkable 93 receptions for 1,481 yards and 12 touchdowns, coupled with Tagovailoa’s stellar performance, brought excitement to the Dolphins’ games but did not translate into financial success on par with the Grand Prix.

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The GP event drew nearly a quarter million attendees over three days and garnered a staggering television audience of 2.6 million viewers, marking the largest live audience ever for an F1 race on U.S. television. “In 2022, we faced a lot of ‘Oh shit’ moments. There were some ‘Oh f**k’ moments actually,” said Tom Garfinkel. Miami Grand Prix injected $350 million into the local economy.

Millions were spent repaving the entire 3.36-mile circuit to enhance competitiveness and encourage more overtakes.“The investment was necessary to meet the expectations of our fans and elevate the overall experience,” noted Garfinkel.

However, apart from investment, the secret behind its triumph lies in what the CEO termed the “festivalization of sports.”

The reasons behind Grand Prix’s success

This innovative approach has revolutionized the way fans experience sporting events, making the Grand Prix a must-attend spectacle for people of all interests and budgets. Traditionally, attending a sporting event offered limited options: a regular seat, a premium seat, or a luxury suite.

Miami Grand Prix has shattered these conventions by offering a diverse range of experiences. Fans have the opportunity to pick from a selection of 30 packages, offering a spectrum of prices, starting at $150 for daily campus passes and extending to extravagant experiences priced at $15,000 and above.

“We’ve created over 30 experiences at this event up and down the price spectrum,” Garfinkel explained, “It’s not just about the luxury segment; it’s about serving everybody across that spectrum.” This inclusivity has been instrumental in attracting a record-breaking 300,000 attendees to this year’s Grand Prix. Regardless of whether fans are drawn by the race itself, to see their favorite driver, or to indulge in live performances by artists such as Ed Sheeran and DJ John Summit, the Grand Prix offers attractions to suit every taste.

In addition to the live entertainment, the Grand Prix offers a range of activities to suit diverse interests including food vendors, live auctions, access to boats, pools, beach clubs, and marketing activations, ensuring every attendee finds something enjoyable.