F1 pays $240m to acquire city site for Las Vegas GP paddock
Formula 1 has acquired a 39-acre site in central Las Vegas for $240m in order to create a space for the pit and paddock area for next year's grand prix.
How F1 would find the space to house the paddock and other infrastructure such as hospitality in the centre of the city has been one of the main question marks surrounding the race.
The city authorities agreed that the streets can be used, but most of the land adjacent to the track belongs to casinos and other businesses.
Teams were told recently that the paddock may be over a mile from the actual pit area.
However, Liberty Media CEO Greg Maffei revealed on Friday that F1 has now addressed the challenge of creating a paddock area by buying its own site in the city, with the deal expected to be formally concluded in the coming weeks.
That would potentially allow F1 to build a permanent pit structure, which is what the Miami organisers have already done.
Maffei also revealed that as co-promoter of the Las Vegas race Liberty and F1 will be making a substantial investment in the project, with extra capital and operating expenditure require to get the event up and running.
Las Vegas track action
Photo by: Liberty Media
"The momentum in the United States continues with this weekend's inaugural Miami GP," Maffei said in a call with Wall Street analysts," he said in a call with Wall Street investors.
"And of course, you can't have not heard about the announcement of our Las Vegas GP for November 2023. As we've noted before, that'll be a night race down the strip.
"And notably and differently than most places, F1 and Liberty Media are self-promoting the race in partnership with local stakeholders and Live Nation.
"The build out for this track will require increased Cap-Ex and Op-X to develop. It's too early to provide you with numbers, but we intend to update you later this year.
"I would note that Liberty Media did enter an agreement to acquire 39 acres east of the strip to lock in circuit design and create capacity for the pit and paddock, among other hospitality and race support venues.
"I expect that transaction will close in the second quarter, and the purchase price was $240 million, which will be funded by cash on hand at the F1 group level."
F1 drivers weigh in on "challenging" Miami pit entry
Wolff: No reason to change F1 Drive to Survive format
Gasly: Alpine closer to the pace in Monaco than any F1 race in 2023
Gasly: Alpine closer to the pace in Monaco than any F1 race in 2023 Gasly: Alpine closer to the pace in Monaco than any F1 race in 2023
Norris was "nervous" about Monaco F1 Q3 run after car repair
Norris was "nervous" about Monaco F1 Q3 run after car repair Norris was "nervous" about Monaco F1 Q3 run after car repair
Why a Mercedes U-turn couldn't deny Sauber's F1 debut surprise
Why a Mercedes U-turn couldn't deny Sauber's F1 debut surprise Why a Mercedes U-turn couldn't deny Sauber's F1 debut surprise
Russell "kicking himself" for throwing away "comfortable" Monaco F1 podium
Russell "kicking himself" for throwing away "comfortable" Monaco F1 podium Russell "kicking himself" for throwing away "comfortable" Monaco F1 podium
Sainz: Ferrari could've been "more patient" with Monaco F1 race strategy
Sainz: Ferrari could've been "more patient" with Monaco F1 race strategy Sainz: Ferrari could've been "more patient" with Monaco F1 race strategy
Alonso defends Monaco F1 medium tyre call as track was "99% dry" on in-lap
Alonso defends Monaco F1 medium tyre call as track was "99% dry" on in-lap Alonso defends Monaco F1 medium tyre call as track was "99% dry" on in-lap
Mercedes F1 has climbed from "awful" in Monaco to "not good"
Mercedes F1 has climbed from "awful" in Monaco to "not good" Mercedes F1 has climbed from "awful" in Monaco to "not good"
The factors for and against a Red Bull upset in F1’s Monaco GP
The factors for and against a Red Bull upset in F1’s Monaco GP The factors for and against a Red Bull upset in F1’s Monaco GP
What Aston Martin's Honda deal reveals about its true F1 mindset
What Aston Martin's Honda deal reveals about its true F1 mindset What Aston Martin's Honda deal reveals about its true F1 mindset
Would Hamilton really be a worthwhile F1 investment for Ferrari?
Would Hamilton really be a worthwhile F1 investment for Ferrari? Would Hamilton really be a worthwhile F1 investment for Ferrari?
Why the growing pains of F1’s cost-cap era require patience
Why the growing pains of F1’s cost-cap era require patience Why the growing pains of F1’s cost-cap era require patience
Has F1 gone too far with its sprint race format tweaks?
Has F1 gone too far with its sprint race format tweaks? Has F1 gone too far with its sprint race format tweaks?
The crucial next steps for McLaren on its path to F1 recovery
The crucial next steps for McLaren on its path to F1 recovery The crucial next steps for McLaren on its path to F1 recovery
The bigger answer Mercedes needs from its now delayed F1 upgrades
The bigger answer Mercedes needs from its now delayed F1 upgrades The bigger answer Mercedes needs from its now delayed F1 upgrades
What the lessons of 2013’s mid-year tyre change mean for F1 2023's dominant team
What the lessons of 2013’s mid-year tyre change mean for F1 2023's dominant team What the lessons of 2013’s mid-year tyre change mean for F1 2023's dominant team
Subscribe and access Autosport.com with your ad-blocker.
From Formula 1 to MotoGP we report straight from the paddock because we love our sport, just like you. In order to keep delivering our expert journalism, our website uses advertising. Still, we want to give you the opportunity to enjoy an ad-free and tracker-free website and to continue using your adblocker.