Miami has been named home of the second U.S. Formula 1 race in a new 10-year deal, adding to the sport’s October race in Austin.
The Grand Prix circuit around Hard Rock Stadium will not only host the first F1 event in Florida since 1959, but the first-ever in Miami. It’s the 11th U.S. F1 location since the World Championship began in 1950.
Conditions of building the 3.36-mile track include a $5 million community benefit package and the creation of a STEM program. The deal was originally met with hesitation from some residents and elected officials.
The pandemic forced F1 to shorten its schedule to 17 races last year. Liberty Media, F1’s parent company since 2017, says revenue dropped $877 million year-over-year to $1.14 billion in 2020.
Over the past decade, Miami Dolphins owner Stephen Ross has poured “hundreds of millions of dollars” into the team’s stadium.
The ROI is finally starting to hit. In addition to F1’s announcement, Hard Rock Stadium recently hosted Super Bowl LIV and is in the running to be one of several U.S. host stadiums for the 2026 World Cup.
More than 80 million viewers worldwide reportedly watch F1 races.
Organizers say the economic impact from the Miami Grand Prix — expected to debut in 2022 — could reach nine figures.