After Miami, Liberty Media moves towards the next objectives: from the direct organization of the Las Vegas GP to the reception of Audi and Porsche in F1 with the return of a race in Germany
The preparations for the Miami F1 GP, on stage this weekend, have crowned one of the best-known dreams of Liberty Media executives. For the American company, which bought Formula 1 in 2016 and which manages the grand prix business profitably – in the first quarter of 2022, revenues doubled – it is already time to turn the page and think about the next goals. The most important one concerns the setting up of the Las Vegas circuit which, starting from the 2023 season, will host the third round of the world championship calendar on US soil. And that will see F1 take care of the organization of the event for the first time. But, in the medium term, we are already thinking about the measures to favor the entry of the great German manufacturers, Audi and Porsche.
240 MILLION FOR THE LANDS OF LAS VEGAS
If, until now, the GP circus has always relied on the work of local promoters, an exception is ready for Las Vegas. This is confirmed by the CEO of Liberty Media, Greg Maffei, who has announced the desire to explore a new way of business: the organizers of the Formula 1 World Championship have in fact spent 240 million dollars for the purchase of some land close to the legendary Strip (the avenue that is the beating heart of the world capital of luxury hotels and gambling), on which the pit lane and paddock of the new Las Vegas city track will be built.
F1, LIBERTY MEDIA PROMOTER OF THE GP
“We have an agreement – explained Greg Maffei to economic analysts presenting the quarterly results of the group – to buy 39 acres of land east of the Las Vegas Strip, which will be used for the construction of some parts of the circuit, the paddock and the lane. of the pits. We expect the transaction, which cost us $ 240 million, to close in the second quarter. On the contrary, for the organization of many other GPs, in this case Liberty Media and Formula 1 will have the role of promoter of the race, together with some local investors and our partner Live Nation. We will see how things go in Las Vegas. We hope to be successful and, perhaps, to be the organizers of some other races on the calendar. We cannot exclude this possibility ”.
F1, A GP IN GERMANY for audi and porsche?
A potentially new business model, which, however, will not supplant (or at least not in the short term) the commercial relationships established by Liberty with individual local promoters. This was confirmed by the CEO. of Formula 1, Stefano Domenicali: “Each new organizer also benefits the promoters of traditional GPs, which we treat with great respect. I agree with Greg Maffei that we should never say never, but I want to underline that we are very happy with the promoters we already work with, loyal and reliable partners. “In this regard, the agenda could also include the return of a stop in Germany to encourage the entry of the brands of the Volkswagen group: “The German panorama is very interesting. It doesn’t matter who will be the promoter, we need to see what the necessary steps may be to be able to enter a GP. Audi and Porsche? Something could happen soon, and it could also affect the calendar. “
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