The highly anticipated announcement of the Formula 1 Miami Grand Prix, slated for the second quarter of 2022 and likely to be paired with the Canadian round in Montreal, officially draws the curtain on what has been F1’s longest-running and most dramatic saga. Far surpassing the speculative whispers around Kimi Raikkonen’s move to Ferrari in 2006, which took a year to materialise, or the recurring, ultimately fruitless discussions of Nigel Mansell’s F1 return in the mid-1990s, the quest for a Miami race has captivated the motorsport world since 2016, weaving a complex narrative of ambition, political wrangling, and relentless determination.
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No sooner had Liberty Media, the Colorado-based, NASDAQ-listed conglomerate, committed to acquiring Formula 1’s commercial rights from CVC Capital Partners – a move many credit with safeguarding F1’s future – than discussions intensified about a monumental street race in Miami. This vibrant metropolis, the third-largest on the USA’s east coast, was envisioned to host a spectacular circuit. Early conceptual designs highlighted a picturesque route along Biscayne Boulevard, even ambitiously proposing a section that would guide cars through the iconic Port Miami Tunnel, promising a truly unique spectacle for fans and drivers alike.
However, the journey from vision to reality was fraught with significant challenges. The project encountered a relentless barrage of legal, political, and societal obstacles. Numerous iterations of the circuit layout were proposed and subsequently modified, each change reflecting attempts to appease various stakeholders and overcome local opposition. At several points, the accumulated hurdles seemed insurmountable, leading many observers to conclude that the Miami Grand Prix project was effectively dead. Yet, Formula 1’s leadership, particularly Liberty Media, maintained an unwavering bullish stance on bringing a race to the Sunshine State, demonstrating an extraordinary level of commitment to this specific venture.
From a purely commercial perspective, securing an additional Formula 1 event in the United States, a nation boasting the world’s highest GDP at over $20 trillion, makes undeniable strategic sense. This figure dwarfs that of China, which stands at roughly two-thirds of the US economy, underscoring the immense market potential. Despite the USA’s historically lukewarm, at best, relationship with Formula 1, the lengths Liberty Media went to in order to secure this race were nothing short of astonishing. The eventual announcement confirmed a significant 10-year deal, a considerable departure from the typical three-to-five-year contracts, though it is likely to include mutually agreeable break clauses to provide flexibility for both parties.
Historically, the United States has hosted more rounds of the Formula 1 World Championship than any other country except Italy, Britain, and Germany. Yet, this impressive tally of 70 races has been spread across a remarkable 10 different circuits, operating under a bewildering variety of titles. This fragmented history has seen seasons with as many as three US-based events, contrasted sharply with periods of five years or more where no Grand Prix was held on American soil. Since 1958, F1 has visited iconic venues such as Sebring in Florida, Riverside on the West Coast, Watkins Glen in New York State, Long Beach (California), Las Vegas, Detroit, Dallas, Phoenix, Indianapolis, and most recently, Austin, Texas. Each venue contributed to a rich but inconsistent tapestry of F1’s presence in the USA.
The USA’s average of just seven Grands Prix per circuit starkly highlights this tempestuous and often inconsistent relationship. In contrast, Italy, which has hosted the most rounds (101), has done so across only four circuits, indicating a much greater stability. Monaco, a unique case, has staged 65 Grands Prix since the championship’s inception in 1950, all at its single, iconic venue. While the principality certainly lacks an alternate venue, its unbroken run from 1955 until 2020 (when it was cancelled due to Covid-19) underscores a level of endurance and unwavering support that the USA has historically struggled to emulate. This contrast vividly illustrates the challenges F1 has faced in cultivating a consistent and enduring presence in the American market.
As part of F1’s intensified push to establish a race in Miami, extraordinary efforts were made to promote the sport across the Florida Peninsula. A notable initiative was the Fan Fest hosted in October 2018, strategically planned with an eye towards an inaugural race just a year later. This event, designed to generate local enthusiasm and demonstrate F1’s appeal, showcased the sport’s excitement directly to the Miami community. However, even before the festival could fully leverage its intended impact, the proposed inaugural race date was already postponed to 2020, signaling the early complexities and bureaucratic hurdles that would plague the project for years to come.
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“We are taking a long-term view and as a result, we have decided, in consultation with the Miami authorities, to postpone sign-off until later in the summer, with the aim of running the first Formula 1 Miami Grand Prix in the 2020 season,” stated Sean Bratches, then Formula 1’s commercial managing director, at the time. This comment, made in the midst of ongoing negotiations and local resistance, reflected F1’s commitment to the long game, despite the immediate setback. The strategy was to ensure all conditions were met for a truly successful and sustainable event, rather than rushing a potentially problematic debut.
Although the 2020 Formula 1 season was severely disrupted and reshaped by the global pandemic, this unprecedented crisis did not directly impact F1’s plans for Miami, simply because no concrete deal had yet been secured, nor had the event featured on any official FIA calendar or even a draft listing. Intriguingly, during this same period, F1 moved forward with other new ventures, announcing a round in Vietnam (which has since been cancelled) and confirming its highly anticipated return to Zandvoort in the Netherlands. The Dutch round, however, was widely considered a ‘no-brainer’ given the immense popularity of local hero Max Verstappen, requiring comparatively minimal effort to integrate into the calendar, a stark contrast to the protracted Miami negotiations.
As previously revealed by sources close to the Miami project, there existed a significant, intricate history between Liberty Media and RSE Ventures, a prominent Miami-based real estate and sports promotion conglomerate. This powerful entity is controlled by billionaire Stephen Ross, a figure who recently made headlines with his alleged links to the ill-fated European Super League football tournament – a concept notably imported from the American sports landscape. This underlying relationship played a pivotal, though often unspoken, role in the trajectory of the Miami Grand Prix bid, hinting at deeper motivations beyond mere commercial interest.
The connection between Liberty Media and RSE Ventures traces back to 2015 when Stephen Ross and his partners at RSE had collaborated with the Qatari sovereign wealth fund to bid for a significant 35.5% stake in Formula 1’s commercial rights, which was then held by CVC Capital Partners. Although this ambitious bid ultimately did not succeed, it clearly whetted Ross’s appetite for involvement in F1. Consequently, RSE Ventures later bid directly against Liberty Media in September 2015, an act that undeniably sent the acquisition price soaring. This competitive dynamic laid the groundwork for a unique understanding between the two entities, shaping the future of F1’s expansion in the US.
According to our highly reliable source, Liberty Media, following the intense bidding war, reportedly requested RSE to withdraw from the direct competition. The alleged pay-off for this strategic retreat was the promise of a prestigious trophy race in Miami. This arrangement offered a mutually beneficial outcome: for Liberty, it meant an additional, strategically vital race on US territory, a cornerstone of their global expansion strategy. For RSE Ventures, being based in Miami, hosting such a high-profile international event would undoubtedly enhance its stature and portfolio. Our source, speaking in September 2017, was adamant that a race deal would be struck “regardless of what it takes,” adding a powerful sentiment: “In US financial circles word is bond, and Liberty gave its word to [Stephen] Ross.” This assertion underscored the perceived weight of the commitment between these influential parties.
Subsequently, in 2018, it was officially confirmed that RSE Ventures, the company overseen by real estate magnate Stephen Ross and owner of the renowned Miami Dolphins NFL team, had been designated as the promoter for the prospective Miami Grand Prix. This appointment was, of course, contingent upon obtaining all necessary regulatory and governmental permissions. Tom Garfinkel, who serves as RSE vice chairman, as well as president and CEO of both the Miami Dolphins and the Hard Rock Stadium, was named as the managing partner for the race project, cementing the direct involvement of Ross’s powerful sports and real estate empire in F1’s Miami ambitions.
The approval process, true to its challenging nature, continued to be fraught with a complex web of legal disputes and myriad other challenges from local communities and environmental groups. A year later, in a clear demonstration of F1’s growing frustration with the stalled progress, messages began to appear on the f1miamigp.com website – a domain owned by Formula One Licensing BV, a subsidiary of the commercial rights holder. These messages urgently implored fans to actively support the race by signing a petition, which was then directly emailed to various Miami-Dade County commissioners. This tactic aimed to mobilise public opinion and exert pressure on local politicians to move the project forward.
“A chance to host an event of this magnitude and global recognition is rare, and passing up this opportunity would be a disservice to the community,” the petition passionately concluded. It further emphasised the perceived prestige and economic benefits: “The most important auto racing event in the world is looking to make a home in Miami! It would be shameful and embarrassing for Miami do anything except welcome F1 with open arms.” This direct appeal underscored the immense commercial and reputational stakes involved for both Formula 1 and the city of Miami, attempting to frame the Grand Prix as an unparalleled opportunity rather than a burden.
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In the interim, the project faced even more severe headwinds, with serious allegations of racism surfacing within the community and a significant civil rights lawsuit being filed. These developments highlighted deep-seated concerns among local residents, particularly those in the predominantly Black Miami Gardens neighborhood, about the race’s potential impact on their quality of life and environmental well-being. To finally appease the numerous protesters and mitigate these substantial concerns, the promoters made a series of crucial promises: they committed to extensively revising the track layout to bypass the critical 199th Street arterial route, to erect noise reduction barriers strategically placed to minimise disruption, and to rigorously monitor air quality throughout the entire race weekend. These concessions were vital in securing the necessary community buy-in and paving the way for eventual approval.
In total, extraordinary efforts and resources were expended over a period of nearly four years to secure a single event in a very specific location for a specific promoter. Despite this immense focus and the relentless pursuit, no definitive approvals were granted for a considerable time. One cannot help but draw a striking comparison: if a fraction of the same focused attention and persistence had been directed towards establishing Formula 1 in Africa, a continent largely untapped by the sport, it is conceivable that it would now boast at least five confirmed rounds per season for the next half-century. This thought experiment underscores the exceptional, and perhaps disproportionate, investment of time and capital into the Miami project.
The turning point arrived just a fortnight ago when it became public that the recently elected Mayor of Miami Gardens, Rodney Harris, had successfully garnered the requisite number of votes to permit the race to proceed from 2022 onwards, utilizing the Hard Rock Stadium and its expansive surrounding area. The approved proposal was not merely about a race; it included a comprehensive $5 million community package, alongside a dedicated science, technology, engineering, and mathematics (STEM) project specifically designed for local students. This multifaceted plan, presented for approval on April 14th, successfully addressed many of the lingering community concerns and was subsequently ratified, clearing the final significant hurdle.
This momentous approval led directly to Sunday’s official confirmation of the Miami Grand Prix during the Imola race weekend. The sheer firepower of the F1 delegation present at the Italian circuit was remarkable. Not only was Tom Garfinkel in attendance, but also Greg Maffei, Liberty Media’s President and Chief Executive Officer – the direct boss of F1 President and CEO Stefano Domenicali (who was also present). Furthermore, F1 Executive Chairman Chase Carey, Domenicali’s predecessor, made a notable reappearance for the announcement. This impressive gathering of top brass unmistakably brought to mind those earlier, emphatic comments about Liberty’s “word to Ross,” reinforcing the profound, long-standing commitment behind this specific Grand Prix.
Stefano Domenicali confirmed that the ‘second quarter’ of 2022 is the likely calendar slot for the new event. This aligns with earlier statements from Sean Bratches, who previously spoke of a potential May date, strategically placed before the traditional start of the European season. While this might initially suggest the logistical challenge of criss-crossing the Atlantic thrice in a single year (for races in May, June, and October/November), a far more sensible and sustainable approach would be to pair the Miami race with Canada’s round. Given Formula 1’s increasingly pronounced sustainability drives and growing social responsibilities, optimising travel logistics to create double-headers or back-to-back events becomes paramount, reducing carbon footprint and operational costs.
The two North American venues, Miami and Montreal, are geographically distinct enough – separated by approximately 2,200 kilometres – to avoid cannibalising each other’s fan bases. Instead, their proximity allows for feasible double-event packages, creating an enticing prospect for foreign fans looking to experience two iconic races in one trip. This mirrors the symbiotic relationship that Montreal and Indianapolis enjoyed during the early 2000s, benefiting from shared fan travel and logistical efficiencies. Such twinning would also significantly help to share Canada’s substantial transportation costs, while simultaneously enabling the Texan, Mexican, and Brazilian rounds to more effectively split the year-end triple-header operational expenses, contributing to greater overall calendar efficiency and financial prudence.
Domenicali further confirmed that the 2022 F1 calendar is projected to maintain 23 races, mirroring the current season’s ambitious schedule. This statement inherently implies that an existing round will inevitably drop out to accommodate Miami. The prevailing wisdom and smart money suggest that Barcelona is the most likely candidate, as its current contract with Formula 1 is only valid for the present year. However, in the longer term, any event that drops off could potentially make a return if F1 strategically adopts a rotational calendar system. This flexible approach could see, for instance, Spain hosting a race in 2022 and then Spa-Francorchamps in 2023, or any other permutation that balances global reach with historical venues. This strategy aims to keep iconic tracks engaged while exploring new markets.
Such rotational calendars are, of course, not an entirely new concept in Formula 1. Germany, for example, famously alternated events between Hockenheim and the Nürburgring from 2007 to 2014, albeit always on German soil. Whether such a schedule can operate effectively and efficiently across international borders, spanning different continents and time zones, remains to be seen. There are undoubtedly significant pitfalls to consider: expensive track upgrades, for instance, can only be defrayed over alternate years, potentially impacting financial viability for circuits. Furthermore, marketing programmes become stop-start rather than continuous, making it challenging to build sustained local engagement and long-term fan bases. These logistical and financial complexities require careful management and strategic planning to ensure the success of any rotational model.
While there is no doubt that the Formula 1 World Championship remains predominantly Eurocentric when measured against population density – although with three events in a compact area, the Middle Eastern races now arguably shade Europe on a per capita basis – a critical question arises: if rotational deals are indeed the panacea for calendar expansion, why did Liberty Media not attempt to strike a timeshare arrangement between Austin and Miami? The answer, of course, loops back to the alleged handshake deal struck in 2016, a commitment that seemingly locked in Miami’s future independent of broader calendar rationalisation strategies. This earlier agreement underscores the unique and perhaps inflexible nature of the Miami project within F1’s long-term commercial vision.
Considering that the Miami Grand Prix is not an addition to the current calendar but rather a replacement for an existing race, Formula 1 teams are naturally expressing concerns about the exact nature of the financial deal – particularly given the significant RSE Ventures angle. Commercially, the Miami race needs to be considerably more lucrative than Barcelona, or whichever European race it supplants. This is critical because European races are generally far cheaper for teams to attend and operate at compared to ‘flyaway’ events, which incur substantial logistical and travel costs. While splitting costs with Montreal for a North American double-header goes some way towards achieving financial breakeven, a fundamental question remains: is it truly enough to offset the loss of a cost-effective European fixture and justify the investment in Miami?
Despite the commercial intricacies and calendar gymnastics, there is no doubt that an additional Grand Prix in the United States is overwhelmingly welcome news for Formula 1, particularly from a sponsorship perspective. American brands and corporations are increasingly keen to associate with the global appeal of F1. Aston Martin, for instance, is actively expanding its US operations and recently signed New Jersey-based Cognizant as its title partner, demonstrating a clear focus on the American market. Red Bull secured a major partnership with Oracle, while its energetic drinks marketers would undoubtedly welcome a second high-profile platform in the land of competitor Monster, a significant Mercedes sponsor. The strategic value of deeper penetration into the US market for these brands is immense, making Miami a crucial asset.
The US connection runs deep within the F1 paddock: Williams’ owner, Dorilton Capital, is notably US-based, reflecting American investment in the sport. McLaren is vigorously pursuing the USA market through its expanding IndyCar programme, and a robust F1 presence can only amplify its efforts in this regard. Mercedes, a dominant force in F1, sold nearly 80,000 cars in the USA last year, only marginally down on previous years despite the global impact of Covid-19, showcasing the continued strength of the American luxury car market. Furthermore, North America remains Ferrari’s single biggest market, and the iconic Italian company is, of course, proudly listed on the New York Stock Exchange. These strong American ties across teams and manufacturers underscore the strategic importance of expanding F1’s footprint in the region.
Formula 1’s ambitious drive for sustainable fuels, a key element of its future vision, should inherently make the sport increasingly attractive to major automotive manufacturers such as Porsche, Audi, and the Hyundai group, all of whom are investing heavily in sustainable technologies. In this context, a second race in the USA is highly likely to prove a far more compelling draw-card for potential new entrants and existing partners than simply maintaining a presence solely in Spain. The commercial and technological opportunities presented by a vibrant US market, combined with F1’s commitment to sustainability, create a powerful narrative for future growth and innovation, making Miami a crucial piece of this evolving puzzle.
Furthermore, the Miami Grand Prix strategically provides a crucial backstop should the existing Austin event eventually drop out of the calendar. Bearing in mind the historical average seven-race life expectancy of US F1 circuits, and with the Texan circuit having now hosted eight editions, its contract is set to expire next year, creating a point of potential vulnerability. There are growing discussions that the Texas Big Event fund, which indirectly provides significant sponsorship to Austin’s race through tax rebates and refunds, could see substantial reductions in the future. Should this materialise, a distinct possibility exists that the financial viability of the F1 race in Austin may no longer be sustainable, making Miami an essential safeguard for F1’s dual US presence.
Perversely, however, the financial markets did not react as positively as might have been expected to the news of the Miami Grand Prix approval. On April 7th, roughly a week prior to the critical Miami Gardens council meeting that approved the race, FWONK shares (Liberty Media’s Formula 1 tracking stock) traded at $45.83. Just one week later, following the announcement, the price had dipped to $44.84, and at the time of writing on Tuesday, it hovered around $45.43, still not fully recovering its previous high. This muted, even negative, market reaction raises an intriguing question: Has Liberty Media possibly overestimated the perceived value and bottom-line benefit of securing a race on home soil, or have investors shrewdly realised that the true commercial advantage is not as substantial as it initially seemed? This divergence between strategic intent and market perception is a point of ongoing analysis.
Equally, if Liberty Media is prepared to drop a long-standing European race in favour of Miami – of all places, given its protracted and challenging approval process – it begs the question of what chance other traditional races in F1’s heartland stand against the allure of new rounds in regions like Africa or Asia. In these geographically vast and diverse continents, implementing a rotational calendar system presents far greater complexities than within the relatively compact European theatre. While it can be argued that Spanish fans can easily travel to, say, France or Monaco on alternate years should their home race fall out of the calendar, the logistical and financial barriers for fans in Vietnam to travel to Kyalami, or vice versa, are significantly higher, potentially hindering fan engagement and global accessibility in a rotational model.
“Vietnam is not any more in the calendar but it’s still an open option,” Stefano Domenicali disclosed to RaceFans in February, highlighting that despite its cancellation, the significant prior investment still keeps it on the table for future consideration. “It has been an incredible investment and therefore it’s still on the table of discussion for a future event.” This statement suggests that F1 is keen to salvage past efforts and potentially reintegrate Vietnam into its long-term calendar, underscoring its broader strategy of exploring new, non-traditional markets.
Domenicali further confirmed that other potential race promoters have also expressed considerable interest in hosting Formula 1 events. “That is basically in north Africa [and] South Africa, that I can tell,” he revealed, pointing to specific regions where F1 sees significant untapped potential. These comments affirm F1’s ambitious vision for global expansion, actively seeking out new frontiers beyond its traditional strongholds, with Africa emerging as a key strategic target for future growth and development within the sport.
Given the alleged long-standing deal and the historical “word is bond” commitment, Formula 1 was always destined to eventually establish a race in Miami; it was merely a matter of when, not if. This inherent certainty is reflected in Stefano Domenicali’s early projections upon taking office, which included a race in Florida within weeks of assuming his role, while also confirming that an Austin renewal remained outstanding, yet simultaneously asserting F1’s broader commitment to the US market.
“Our strategy in the future will be to be more present in the US with more than one grand prix,” Domenicali articulated, clearly outlining F1’s strategic vision for North America. “Austin has been very important in the last years of our calendar. It will be also in the future and we are discussing with them the renewal of the agreement. And of course Miami is a place where we are looking. I cannot say more than that. But for sure, there is a big interest from both parties to be there.” These statements underscore a dual approach: securing new venues like Miami while simultaneously working to solidify relationships with existing, successful events like Austin, all aimed at significantly deepening F1’s presence in the lucrative American market.
Now, with the Miami Grand Prix officially confirmed, Formula 1 faces its ultimate challenge: ensuring that this meticulously negotiated and hard-won event successfully runs its full 10-year contractual term. If the tempestuous and inconsistent historical relationship between the United States and Formula 1 serves as any guide, this will be far from an easy feat. Sustaining interest, managing local impacts, and navigating the dynamic landscape of American sports and politics will require continuous effort and strategic foresight to ensure Miami doesn’t become just another fleeting chapter in F1’s complex American story.
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