Miami and F1, a match worth $400 million

Miami, US, May 6 (EFE).- An estimated 250,000 people are due to descend on Miami this weekend for the Formula One Grand Prix, which is set to generate $400 million for the city.

After three years of negotiations, Miami Gardens secured the deal to become the 11th US circuit to host a Grand Prix, an honor it shares with the historic Indianapolis Motor Speedway — home of the iconic Indie 500 Nascar race — and the notoriously fast track in Austin, Texas, the Circuit of the Americas.

The city in Florida promises to offer the glamor of Monaco and shift money at record levels.

The 57 laps around the 5.4 kilometer track around the Hard Rock Stadium are set to take center stage when the F1 circus comes to town while organizers of the Miami Grand Prix announced this year a new nine-year deal with, which also became an F1 global partner to promote the Sprint format in a move worth $100 million.

Miami is braced for an economic bonanza this weekend as Michelin star restaurants and entertainers like DJ Tiesto add to the party atmosphere.

Tickets for the Miami Grand Prix sold out weeks ago with prices ranging from $500-$1,000 on the official F1 platform, but resale sites such as Vivid Seats are offering VIP experiences for the princely sum of around $20,000.

Other tickets for the circuit cost an average of $2,000 each.

The opulence and luxury of one of the world’s most exclusive sports has veered off the track, too, as Miami’s hotels, bars, clubs and restaurants get ready for an influx of celebrities, business people and sports stars.

The Four Seasons hotel chain is offering suites for $30,000 per night, a full $10,000 more than during other times of the year. A stay at the St. Regis, part of the Marriott chain, will set a visitor back $8,000 per night.

Three-star hotels in Miami are offering rooms for $300 per night.

The Miami Grand Prix is showcasing a fresh passion for F1 in the US, where it has traditionally been eclipsed by other motorsports such as Nascar.

The sport has around 40 million fans in the US, according to F1’s media rights director Ian Holmes.

The Netflix documentary series Drive to Survive has played a considerable role in fueling F1 fandom across the US. A number of NFL players have confessed that their interest in F1 came about thanks to the show.EFE


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