Miami Grand Prix Signs 10-Year Extension With F1 To 2041

Miami welcomes back Formula 1 this weekend and will continue to be a regular fixture on the calendar until 2041.

Formula 1 announced on Friday that it had signed a 10-year extension with promoter South Florida Motorsports, which has organized the race since the sport first arrived in South Beach three years ago.

The current deal was due to expire at the end of 2031 and the new extension makes Miami the longest contracted event on the calendar.

“Securing a 10-year extension with Formula 1 through 2041 is an extraordinary milestone for all of us at South Florida Motorsports and a true testament to the hard work of our team, the strength of our partnerships, the support of our community and the growth of the sport in the US,” Tom Garfinkel, Managing Partner of the Miami Grand Prix, said in a statement.

“To have been granted this extension after only our third event speaks to what we have felt from the very beginning – the Miami Grand Prix is here to stay.”

Miami became the second US track on the Formula 1 calendar in 2022, when it joined Austin, which has been the home of the US Grand Prix since 2012.

A year after its first foray in South Florida, Formula 1 added a third race in the US with Las Vegas making its debut.

And in just three years, the Miami Grand Prix has become one of the showpiece events on the Formula 1 calendar.

Built around the Hard Rock Stadium in Miami Gardens, the home of the Miami Dolphins, the 5.41km track makes for some spectacular racing with 19 corners connecting three straights.

The Hard Rock Stadium, which is also the stage of the ATP and WTA Miami Open, will host seven matches at next year’s FIFA World Cup.

Miami Grand Prix has been a huge success for Formula 1

Miami has also proved a huge commercial success as Formula 1 continues to grow its profile in America on the back of Netflix’s Drive to Survive series.

Last year, a record 275,000 fans attended the race weekend in Miami, with the Grand Prix attracting the largest US television audience in history, with 3.1 million viewers tuning in to follow the action.

By comparison, 430,000 fans flocked to Austin across three days and 306,000 spectators passed through the turnstiles in Vegas over the weekend.

According to Formula 1 figures, the race has generated more than $1bn in economic impact since its debut.

“In just three years, the Miami Grand Prix has established itself as one of the most important and spectacular events on our calendar, an extraordinary example of quality and vision that truly represents the spirit and ambition of Formula 1 in the US,” said Stefano Domenicali, President and CEO of Formula 1.

“Extending this agreement until 2041 is a strategic milestone of enormous importance, which strengthens our presence in America and consolidates the ever-deepening bond with our fan base there, which is constantly growing and passionate like never before.”

News of the Miami Grand Prix’s extension comes just days after Mexico City secured its presence on the calendar until 2028 at least.

The race signed a new three-year deal with Formula 1, ending uncertainty over whether it would retain its spot after local hero Sergio Perez was dropped by Red Bull at the end of last season.

The 35-year-old parted ways with the Milton Keynes-based team a year earlier than expected after a dismal year, casting doubts over whether the Grand Prix, which returned to the calendar in 2015, would continue.

The race at the Autodromo Hermanos Rodriguez, which hosted the Mexican Grand Prix between 1986 and 1992 prior to a 22-year absence, is routinely home to one of the most enthusiastic crowds on the calendar.

It has also secured significant political and financial support in the shape of Claudia Sheinbaum, the current Mexico president and a former mayor of Mexico City, and billionaire businessman Carlos Slim Domit.

“Every year the unique atmosphere created by our fans in Mexico City is one of the most incredible and energetic experiences of our championship,” Domenicali said.

“We look forward to continuing this extraordinary collaboration together and seeing the incredible enthusiasm of the Mexican fans again in October.”