F1 signs 10-year extension with Miami Grand Prix that keeps race on calendar through 2041

MIAMI GARDENS, Fla. (AP) — Formula 1 announced a 10-year extension with the Miami Grand Prix on Friday that will ensure the event remains on the calendar through 2041.

“From our standpoint, it enables us to say that this event is here to stay for a very long time,” said Tom Garfinkel, managing partner of the Miami Grand Prix. “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 United States.”

The race debuted in 2022 as the second F1 race in the United States on the schedule. Sunday’s running will be the fourth in what was originally a 10-year contract between Miami promoters and F1.

There are now three F1 races in the U.S. every year. Las Vegas was added to the schedule in 2023 and F1 also makes a stop at the Circuit of the Americas in Austin, Texas.

F1 president Stefano Domenicali stressed how vital Miami is to the series’ portfolio as it continues to grow dramatically in the U.S.

“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 United States,” Domenicali said. “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.”

The Miami extension comes two days after F1 announced a three-year extension with Mexico City. The difference, though, is that Mexico City in the final year of its existing contract.

The Miami race, meanwhile, was touted as a key event in F1’s focus on North American growth, as well as the impact the race has on South Florida. The Miami Grand Prix has generated more than $1 billion in economic impact in its first three runnings.

South Florida Motorsports, the official promoter, has established internship programs, worked with local charities, and promoted home-grown businesses each year to build a community relationship around the grand prix. South Florida Motorsports was named 2024 F1 “Promoter of the Year.”

Promoters claim a record 275,000 spectators attended three days of activities last year and the race attracted the largest U.S. F1 television audience of all time, with 3.1 million viewers.

The Miami Grand Prix is held around Hard Rock Stadium in Miami Gardens, home of the Miami Dolphins, the ATP and WTA Miami Open, and seven matches at next year’s soccer World Cup.

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