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Saturday, May 18, 2024

F1 Remains Hot With a $10B Offer and Dozens of Interested New Race Hosts

  • Stephen Ross, owner of the Miami GP, reportedly entertained a bid for the race.
  • F1’s CEO said 35 venues have inquired about getting a race.
Formula-1-Miami-Grand-Prix
F1

Before Red Bull, Max Verstappen, and tens of thousands of racing fans begin to take over South Florida for this weekend’s Miami Grand Prix, one thing is clear: Everyone wants a piece of Formula One. 

Dolphins owner Stephen Ross, who also owns the Miami F1 race and the venue that hosts it, Hard Rock Stadium, is said to have recently entertained a $10 billion offer for control of those sporting assets, according to USA Today. Ross declined the offer, per the report. It’s unclear what the individual values of the Dolphins, Miami GP, and Hard Rock Stadium would have been in that deal.

Meanwhile, F1 CEO Stefano Domenicali said that, despite the sport already reaching its maximum of 24 races per year, more than 35 new venues have shown interest in hosting a race, with 11 being formidable contenders. “Seriously, the request is very, very big,” Domenicali told ESPN. Those markets might include U.S. cities Chicago and New York, as well as international destinations like South Korea, Thailand, China, South Africa, Rwanda, Malaysia, and India, per ESPN. Domenicali said not to expect a fourth race in the U.S., in addition to Miami, Austin, and Las Vegas.

A Hot Commodity

The widespread interest in F1 comes after the sport saw total race attendance spike to six million in 2023, and revenue soared to $3.22 billion, according to owner Liberty Media. Last year also marked the debut of the Las Vegas Grand Prix, as F1 grew to its capped-out 24-race schedule. The Miami race is entering its third year, while F1 has raced in Austin since ’12.

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