THE TRANSATLANTIC MAGAZINE
THE TRANSATLANTIC MAGAZINE
In January 2017, Liberty Media, a mass media corporation who also hold controlling stakes in SiriusXM and the Atlanta Braves baseball team, bought the Formula One Group from its myriad of consortium sellers in a deal worth $4.4bn (£3.3bn). Almost immediately they set about a change of the sport that would revolutionise the way it is viewed, both live at the track and broadcast to viewers, including the Drive to Survive series on Netflix, a fly-on-the-wall style documentary that has unprecedented access to drivers and teams that enthusiasts could only dream of a decade before.
The US motorsport market has for a long time been starved of Formula One, and petrolheads had to feast on NASCAR and Indy Car to quench their thirst. The oval circuits are part of American racing tradition, and famous circuits and races such as the Indianapolis 500 and Daytona 500 still hold a special place in the hearts of fans across the world. However Chase Carey, appointed the Chairman and CEO when the Liberty deal went through, wanted Formula One to be firmly on the map as the future of car racing in the United States, saying, "I am excited to be taking on the role of CEO. F1 has huge potential with multiple untapped opportunities. I have enjoyed hearing from the fans, teams, FIA, promoters, and sponsors on their ideas and hopes for the sport. We will work with all of these partners to enhance and add new dimensions to the sport, and we look forward to sharing these plans over time."
It was a clear vision that was to add some controversy amongst some traditionalists, but a breath of fresh air was needed in a sport that was becoming somewhat stale. A case of "out with the old and in with the new" was very much part of the agenda. Some countries started to be left off the race calendar as contracts run out and are not renewed, as the new organizers chase wider audiences in countries that are key players in sponsorship, even if it draws frowns from those at the heart of the sport. The question of money over morals started to rise.
First and foremost, if you're going to conquer America, and change the hearts and minds of those that are ingrained in NASCAR, you have to have more races. The Circuit of Americas in Texas has been a highlight on the F1 calendar for a decade now, and a record three-day attendance of over 400,000 witnessed the thrills and spills last October. This was off the back of an announcement that there would be a second Grand Prix on the calendar for this year, as Miami will host its first ever event in early May. The circuit is built around the Hard Rock Stadium, home of the NFL's Miami Dolphins, after a switch from its original design in downtown Miami.
With the audience growing and the racing getting more competitive it was time to roll the dice again and what more of a perfect fitting to gamble on success than in Las Vegas. The street circuit will feature a 3.8-mile-long track and the famous Strip will be a monumental landmark in a race which will make its debut in 2023, with all the lights and sounds that you'd expect to see from a Grand Prix in Vegas. A far cry indeed from the races set in the location in the early 1980s, when they raced around the car park of the Caesars Palace Hotel. An initial three-year contract has been signed, but of course the top officials see this as more of a long-term plan. There has even been talk that it could replace the most famous street circuit race in the world, the Monaco Grand Prix. The Vegas race will also break from the normal schedules as it will likely be a Saturday night race, with a 22.00 local time start, which would mean a 06.00 GMT lights out time.
President of F1, Stefano Domenicali, couldn't contain his excitement at the official announcement, "This is an incredible moment for F1 that demonstrates the huge appeal and growth of our sport with a third race in the US. The beauty of the growth of our sport in this country is we are reaching a lot of young people that are starting to be thrilled by our sport. We have seen before our eyes the drivers, [they are] very young. They have the possibility of sharing through the social channels also who they are, promoting our sport. Through them, I think there will be a great connection to develop the sport in the right direction with the right ideas."
Liberty Media are finally seeing some payoff from their huge investment, and CEO Greg Maffei said, "Iconic Las Vegas and Formula 1, the pinnacle of motorsport, is the perfect marriage of speed and glamour. Our confidence in this unique opportunity is evident in our decision to assume the promoter role for the Las Vegas Grand Prix in partnership with Live Nation. We could not be more excited to work with our local partners to create a marquee event."
