MIAMI GARDENS, Fla. (AP) — On Friday, Formula 1 extended its agreement with the Miami Grand Prix for another decade, ensuring the race stays on the schedule until at least 2041.
From our perspective, this means the event will be around for a considerable duration,” stated Tom Garfinkel, managing partner of the Miami Grand Prix. “Obtaining a 10-year contract renewal with Formula 1 up until 2041 marks a remarkable achievement for everyone involved with South Florida Motorsports and clearly demonstrates the dedication of our staff, the robustness of our collaborations, the backing from our local community, and the expansion of motorsport within the U.S.
The race made its debut in 2022 as the second Formula 1 event scheduled in the United States. This upcoming Sunday’s event will mark the fourth time this race takes place under an initial 10-year agreement between organizers from Miami and F1.
Currently, there are three Formula 1 races held annually in the United States. In 2023, Las Vegas joined the calendar, and F1 also visits the Circuit of the Americas in Austin, Texas.
Stefano Domenicali, the President of Formula 1, highlighted the critical importance of Miami to the expansion of the series within the United States, where it is experiencing rapid growth.
In merely three years, the Miami Grand Prix has become one of the most significant and thrilling races on our schedule, serving as an exceptional illustration of excellence and foresight that embodies the essence and aspirations of Formula 1 within the U.S.,” stated Domenicali. “Renewing this contract through 2041 marks a pivotal moment of great significance for us. This move bolsters our position in North America and solidifies the increasingly strong connection we have with our fans here—a community that continues to expand and exhibit unprecedented enthusiasm.
The Miami expansion was announced just two days later by F1.
a three-year extension with Mexico City.
However, the distinction is that Mexico City during the last year of its current agreement.
The Miami race, on the other hand, was highlighted as a crucial part of Formula 1’s strategy for expanding in North America, along with the significant effect it had on South Florida. In its initial three editions, the Miami Grand Prix contributed over $1 billion to the area’s economy.
The official promoter, South Florida Motorsports, has annually set up internship initiatives, collaborated with nearby charitable organizations, and supported locally owned enterprises to foster a sense of community surrounding the grand prix event. South Florida Motorsports received the title of 2024 F1 “Promoter of the Year.”
Organizers say that last year, an impressive 275,000 attendees took part over three days of events, and the race garnered the biggest-ever U.S. television audience for Formula One, totaling 3.1 million viewers.
The Miami Grand Prix takes place circuitously around Hard Rock Stadium in Miami Gardens, which serves as the venue for both the Miami Dolphins games and the ATP and WTA Miami Open tennis tournaments, along with hosting seven matches during next year’s FIFA World Cup.
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Jenna Fryer, from The Associated Press
