Formula One's commercial rights holders Liberty Media are buying a plot of land in Las Vegas for $240 million to locate the pit and paddock complex for a grand prix next year, they said on Friday.
The floodlit race, to be held on a Saturday, will be the third U.S. round on the calendar after Austin and Miami.
Formula One and Liberty Media are self-promoting the race with their Live Nation entertainment company and local stakeholders, reports Reuters.
"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," Liberty CEO Greg Maffei told analysts on a first quarter earnings call.
McLaren team boss Zak Brown, responding to the news at the inaugural Miami Grand Prix, said it was a positive step for the sport.
"I think Liberty's commitment to Formula One has been awesome," the American told reporters. "I think the fact that Liberty is putting skin in the game in certain parts of the business shows their commitment.
"And they are doing that because they think it will help it grow, which is good for them and good for us."
The Las Vegas Grand Prix's 6.12km track will see drivers roar past landmarks such as the Bellagio Fountains and Caesars Palace for an event expected to attract 170,000 fans.
Liberty Media, the holding company controlled by John Malone which includes SiriusXM (and its Live Nation subsidiary), Formula One and the Atlanta Braves baseball team, reported solid first-quarter earnings on Friday, bolstered by SiriusXM and “record-breaking demand” for Live Nation events.
Liberty posted revenue of $2.19 billion in Q1, with an operating income of $484 million, up 111 percent from the same quarter a year earlier. Much of that was due to the performance of SiriusXM and its subsidiaries, with CEO Greg Maffei saying that the satellite radio company delivered “robust financial results while navigating well through challenging macroeconomic conditions and supply chain issues.”
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