Formula 1 secures Miami Grand Prix until 2041

In a significant move for motorsport in the United States, Formula 1 has announced a 10-year extension with the Miami Grand Prix, ensuring that the event will remain on the racing calendar until at least 2041. The extension reflects the growing popularity of the sport in North America, as the Miami Grand Prix has quickly established itself as one of the premier races in the series since its debut in 2022. News of this extension was confirmed just days after a similar agreement was reached with the Mexico City Grand Prix, highlighting F1's commitment to its North American fan base. The Miami event takes place around Hard Rock Stadium, which is also home to the Miami Dolphins, and has generated a notable economic impact, with over $1 billion recorded since its inception. Attendance figures demonstrate this success; last year, the race attracted nearly 276,000 fans across the three-day event, and the broadcast garnered a historic 3.1 million viewers in the U.S. This record demonstrates the increasing viewership and engagement of American audiences with Formula 1, further establishing Miami as a vital stop on the F1 tour. The Managing Partner of the Miami Grand Prix, Tom Garfinkel, remarked that securing this extension is an extraordinary milestone for South Florida Motorsports, with a strong indication of the support from the community and the partnerships formed around the event. Stefano Domenicali, the President and CEO of Formula 1, echoed these sentiments, noting that the Miami Grand Prix represents a quality event that aligns with F1's vision in the United States. The response from the fans has validated F1’s investment in the Miami race and signifies the importance of maintaining a sustainable and dynamic event in the region. This announcement also coincides with Formula 1's overall strategy to strengthen its presence in North America, amid increasing interest and growth in the sport across the continent. With the addition of a third race in the U.S. (the Las Vegas Grand Prix) and now solidifying the Miami Grand Prix, F1 is well-positioned to capitalize on its increasing popularity due to initiatives like Netflix's 'Drive to Survive'. Overall, the extension cements Miami's position as a key player in the world of Formula 1 racing, promising continued innovation and enriching experiences for fans. Managing the Miami Grand Prix alongside other major events at Hard Rock Stadium, Garfinkel emphasizes the commitment to enhancing the fan experience and further investing in the event’s future. As such, this extension allows F1 and local promoters to deliver a high-quality racing experience while also contributing economically to South Florida and solidifying the Miami Grand Prix as a key fixture in the F1 calendar well into the future.