Formula One franchise owner Liberty Media is buying a plot of land in Las Vegas for $240 million to house a pit and parking complex for a major tournament next year, they said on Friday. .
The race under the lights, will be held on Saturday, will be the third round of the United States on the calendar after Austin and Miami.
Formula One and Liberty Media are promoting the race themselves with their Live Nation entertainment company and local stakeholders.
Liberty CEO Greg Maffei told analysts during its first-quarter earnings call: “Liberty Media has signed a 39-acre acquisition agreement east of the Strip to lock in circuit design and create engineering. capacity for pits and parking lots.
“I expect that transaction to close in Q2 and the purchase price to be $240 million. It will be cash-funded at Formula One Group level.”
McLaren team manager Zak Brown, responding to the news at the inaugural Miami Grand Prix, said it was a positive step for the sport.
The American told reporters: “I think Liberty’s commitment to Formula 1 is fantastic. “I think Liberty’s inclusion of skins in the game in certain parts of the business shows their commitment.
“And they’re doing it because they think it’s going to help it grow, which is good for them and good for us.”
The Las Vegas Grand Prix’s 6.12km track will see racers pass landmarks like the Bellagio Fountains and Caesars Palace in an event expected to draw 170,000 fans.
