Formula 1: FIA spills cash for Las Vegas Grand Prix with $240m investment made for pits and paddocks: The FIA and Formula 1 owners, Liberty Media have made a whopping $240m investment for pits and paddocks for the upcoming Las Vegas Grand Prix scheduled for next season in November. It will be the third race in the F1 calendar in the United States after Miami and Austin. Follow Formula 1 Live Updates and Miami GP Live on InsideSport.IN.
Liberty Media CEO Greg Maffei ahead of the debut of the Miami Grand Prix told a Wall Street analyst, “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.”
Formula 1: FIA SPILLS CASH for Las Vegas Grand Prix, $240m investment made for Pits and Paddocks – Check Out
“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,” added Maffei.
Your first glimpse of F1 in the Silver City 👇#F1 #Formula1 #LasVegasGP @Vegas @WynnLasVegas @MGMResortsIntl @CaesarsEnt pic.twitter.com/c4rz3oN7cF
— Formula 1 (@F1) March 31, 2022
The authorities of the city agreed that the roads can be utilized, yet the majority of the land adjoining the track is owned by casinos and different organizations. However, the teams were told that the paddock would be around a mile away from the pit lanes.
Viva Las Vegas! F1 is coming to The Strip in 2023 🎲#F1 @Vegas pic.twitter.com/QB1ZTry7cY
— Formula 1 (@F1) March 31, 2022
Formula 1: FIA SPILLS CASH for Las Vegas Grand Prix, $240m investment made for Pits and Paddocks – Check Out
Meanwhile, Liberty Media CEO Greg Maffei uncovered on Friday that F1 has now solved the issue by making an area for the paddock after buying its own site in the city. However, the deal is expected to be officially done in the coming weeks.
This would possibly permit F1 to build an extremely durable pit structure. Meanwhile, it is already done by the Miami organizers ahead of the Miami Grand Prix.
We had a great time at our Topping Out Party for our Pit/Paddock building with @mossconstruct! 🎉
Thank you to @MiamiDadeCounty and @CityofMiaGarden for celebrating this milestone with us! 👏 pic.twitter.com/OQpTua83fl
— F1 Miami Grand Prix (@f1miami) February 4, 2022
Maffei likewise uncovered that as co-promoter of the Las Vegas race, Liberty and F1 will make a significant interest in the undertaking, with additional capital and working use expect to make the occasion ready.
Formula 1: FIA SPILLS CASH for Las Vegas Grand Prix, $240m investment made for Pits and Paddocks – Check Out
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