Formula 1 is doubling down on the US as sales rumors swirl
Formula 1 just inked a deal to keep the Miami Grand Prix on the calendar through 2041. As the U.S. becomes a cornerstone of the sport, expansion, viewership gains, and sale rumors are shifting F1’s global future.
McLaren’s Oscar Piastri on Sunday won the Miami Grand Prix, a pastel-filled spectacle that included drivable cars made out of Legos.
But that wasn’t the only Formula 1 news to come out of South Florida this weekend. The global racing series announced it signed a deal that’ll keep the Miami race on the calendar through at least 2041, making it the longest contracted event in F1.
It comes amid an aggressive US expansion. F1 has long considered America underserved and filled with untapped potential. But previous efforts to boost the sport’s popularity in the land of red, white, and blue have fallen flat, following a worse first impression than showing up to a first date in a “Minions” t-shirt and calling your ex mid-meal.
- The first US-located F1 race occurred at the Indianapolis Motor Speedway in 2005, when a controversy over tire safety led to only six cars participating.
- Fans, frustrated with the fiasco, lobbed trash from the stands and threatened to riot.
The drive to thrive
Things started to turn around for F1 in America when Colorado-based Liberty Media purchased the racing circuit for $4.6B in 2017. Since then:
- US viewership has doubled, reaching an average of 1.1M per race in 2024.
- Race attendance is up. The Austin Grand Prix could barely draw 100k spectators over a three-day weekend in 2017, according to Bobby Epstein, president of the track. Last year’s race had an attendance of ~430k.
- The # of US races is also up. The US will be the only country to host three races in 2025—Miami, Austin, and Las Vegas. Prior to 2022, Austin was the only American-based race on the calendar.
A big part of this growth can be attributed to Liberty Media’s deal with Netflix to bring Jersey Shore treatment to the sport. Drive to Survive, a reality show centered around F1 team drivers and executives, debuted in 2019—and the up-and-to-the-right popularity curve followed.
Looking ahead…The circuit will add Cadillac, its second American team, to the field next year. And while negotiations for a new US media rights deal don’t appear to be panning out how Liberty Media would like, rumors are swirling that the company may soon explore a sale of F1 to lock in its gains. Saudi Arabia’s Public Investment Fund reportedly offered $20B+ to purchase the circuit two years ago, but was turned down.
