- Current contract was set to expire in 2031
- Miami GP has been most-watched race in US since 2022
Formula One will race in Miami until 2041 after agreeing a ten-year extension with South Florida Motorsports.
The current deal had been due to expire in 2031 and this extension makes the Miami Grand Prix the longest contracted race on the Formula One calendar.
The race debuted in 2022 but got off to a bumpy start after sponsors were left underwhelmed by the hospitality offering, which prompted major investment in the circuit and paddock facilities in January 2023.
The event has now grown into one of the statement races of the season, especially for sponsors looking to make a splash with announcements. Williams, Mercedes and Haas all announced new partners ahead of last weekend’s race.
The 2024 Miami Grand Prix welcomed 275,000 fans, which put it just above the average that Formula One got per race (272,000 in 2024). It has also been the series’ most-watched US race in the States since its debut in 2022.
“In just three years, the Miami Grand Prix has established itself as one of the most important and spectacular events on our calendar, an extraordinary example of quality and vision that truly represents the spirit and ambition of Formula One in the United States,” said Stefano Domenicali, president and chief executive of Formula One.
“Extending this agreement until 2041 is a strategic milestone of enormous importance, which strengthens our presence in America and consolidates the ever-deepening bond with our fan base there, which is constantly growing and passionate like never before.
“Miami is not only an extraordinary city, but also a truly global sporting hub, energetic, dynamic and culturally vibrant. All this would not have been possible without the far-sighted vision and tireless commitment of Stephen Ross and Tom Garfinkel, to whom I extend my sincere gratitude for the leadership, support and dedication with which they have helped transform the Miami Grand Prix into a world-class event.”
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The race has made a significant impact on the local economy, generating more than US$1 billion in economic impact across its first three years.
The race organisers have also established internship programmes, worked with local charities, and promoted home-grown businesses each year to ensure that the legacy of the race is felt in the local area.
The Miami International Autodrome was purpose-built for Formula One, but the main layout uses public roads so originally could not be used all year round. This changed with new ‘inner loop’ layouts which opened for corporate and private events in October 2024.
That raises the possibility of seeing more than just Formula One racing on the circuit in the future, with all-electric series Formula E having conducted its Evo Sessions at the track in March.
BlackBook says…
Despite some initial teething problems, the Miami Grand Prix is now a staple of the Formula One calendar, especially on the commercial front. It is also the only Formula One race that currently rivals Nascar’s average viewership figures in the US, so signing a long-term contract is a no-brainer.
Even so, Miami’s prior agreement wasn’t due to expire until 2031. The Las Vegas Grand Prix, meanwhile, doesn’t have a contract beyond this season so Formula One’s decision to prioritise an extension with Miami seems a surprise.
It is understood that the series’ owner Liberty Media has no plans to expand the schedule in the US and it would be a shock for Vegas to drop off after the massive investment in the race.
Miami may now be a Formula One fixture for at least the next 16 years. But if an extension for Vegas doesn’t arrive soon, speculation over a new race in the US will intensify.
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