Chase Carey

New F1 owner wants Las Vegas and Miami as potential future race venues

Formula 1 - Las Vegas and Miami

Formula 1 new owner – Liberty Media CEO, Greg Maffei suggests that Las Vegas and Miami could be potential future F1 venues, which include expanding the current schedule.

Maffei, who will work closely with new F1 chairman Chase Carey, told Fox Sports that F1 may have a longer schedule soon:

He gave some interesting insights into how F1 will boost its three main revenue streams, namely race sanction fees, broadcast rights and sponsorship.

“We’re sitting on 21 venues. I think there’s an opportunity to potentially grow that over time, particularly while we’ve maximized some of those venue opportunities with relatively high venues fees, I think there’s an opportunity to grow in the number of venues and venues that are potentially more attractive to longer-term broadcast revenues and sponsorship revenues.”

Maffei told Fox Sports that his primary targets for new races are in F1’s most under-served markets:

“The obvious optionality case is to some degree Asia in the short term, potentially Latin America, and longer term North America, and particularly the U.S., where we really are well under-viewed, under-monetized, under-everything. I don’t think that gets solved in a week, but I think that’s an interesting long-term opportunity.”

Expanding on the US angle, he said: “You think about places where it would have natural appeal I would argue Miami, Las Vegas are very interesting places for the long term. But that isn’t going to get solved in a week. I’d like to hope that being Americans – Chase, Liberty – that we can help with that process. I don’t think as I said this is a quick fix, but for the longer term it’s a large, untapped market with upsides.”

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