Formula One Miami Grand Prix Secures Long-Term Future with Extension Through 2041

The Formula One Miami Grand Prix has solidified its place on the F1 calendar for the long haul, announcing a decade-long extension that guarantees the race’s presence through 2041. This landmark agreement, unveiled ahead of the fourth annual Miami race, signifies the strong partnership between Formula One and the city of Miami, further cementing F1’s growing footprint in the United States. The Miami International Autodrome, uniquely situated around the Miami Dolphins’ Hard Rock Stadium, will continue to serve as the venue for this highly anticipated event.

The extension builds upon an initial 10-year deal and reflects the unwavering commitment of key figures like Dolphins owner Stephen Ross and CEO Tom Garfinkel. Their instrumental role in bringing auto racing to their NFL business has been pivotal in F1’s expansion in the United States, joining Austin, Texas, and Las Vegas as key locations on the F1 circuit since Miami’s inception in 2021.

Formula One president and CEO Stefano Domenicali emphasized the significance of Miami in the organization’s broader strategy. During a press conference on May 2nd, where the extension was officially announced, Domenicali hailed Miami as "the best partner we have." He further elaborated, stating, "Miami will be part of our biggest strategy in the United States of America. It’s been incredibly successful and will be one of the pillars for our growth in this country."

Garfinkel echoed Domenicali’s sentiments, highlighting the importance of collaboration and private investment in making the Miami Grand Prix a reality. "First of all, without Steve Ross’s private investment commitment trust in all of us to do this, it’s not possible," Garfinkel stated. "There’s a significant private investment that goes into doing something like this at this scale, and it’s not possible without Stefano and Formula One and everybody who’s been so helpful in this process. So, what this enables us to do now is continue to invest more into this event, continue to try to make it even better than we have — which is a goal that we have every year."

The Miami Grand Prix has already proven to be a significant economic driver, generating an impressive $1 billion in economic impact through its first three years. Domenicali underscored the race’s economic contribution, playfully noting its competitiveness with the NFL in terms of economic impact. “When we did the comparison what we were bringing to the economical impact of the community when we have the race, I don’t want to say they were better than NFL because (Commissioner) Roger Goodell would not be very happy with me, but I would say we’re very competitive,” Domenicali said. “That means we made the right decision, and that’s why we want to think longer as we [announced] today.”

The extension announcement comes on the heels of Miami being recognized as F1 promoter of the year, an honor bestowed upon the race for delivering "the best all-round event in 2024" and embodying the F1 mission statement to deliver the world’s greatest sports and entertainment spectacle. This accolade highlights the dedication and effort put into creating a world-class experience for fans and participants alike.

Garfinkel reflected on the evolution of the Miami Grand Prix since its inception. The inaugural race in 2022 presented unique challenges, as organizers worked diligently to launch the event in a post-pandemic world with a mere 11 months for preparation. The second race in 2023 saw the construction of a permanent paddock structure alongside Hard Rock Stadium, a significant investment that improved the overall infrastructure and fan experience. Further enhancements included wider pedestrian point of sale systems, additional bathrooms, and other improvements based on feedback from the first year. The finetuning continued for the most recent race, with organizers constantly seeking ways to elevate the event.

"We got feedback and tried to tweak on and make it even better. And that’s what we’re still doing now," Garfinkel said of the race. He also hinted at potential future innovations, stating, "We are a creative, innovative group, and I think you might see some new things hopefully moving forward. We’re talking through what that could be."

The Miami Grand Prix has also witnessed thrilling on-track action. Red Bull’s Max Verstappen emerged victorious in the 2022 and 2023 races, while McLaren’s Lando Norris secured his first career F1 win at Miami last year. The race has consistently drawn large crowds, with weekend attendances reaching 242,955 in 2022, 270,000 in 2023, and 275,000 in 2024. The growing attendance figures reflect the increasing popularity of Formula One in the United States and the appeal of the Miami Grand Prix as a premier sporting and entertainment event.

The extension of the Miami Grand Prix through 2041 represents a significant milestone for Formula One and the city of Miami. It underscores the enduring partnership between the two entities and solidifies Miami’s position as a key destination on the F1 calendar. With ongoing investments and a commitment to innovation, the Miami Grand Prix is poised to continue delivering world-class racing and entertainment for years to come, further contributing to the growth of Formula One in the United States and solidifying its position as a major economic driver for the South Florida region. The long-term commitment also allows for more strategic planning and investment in infrastructure, ensuring a sustainable and high-quality event for both participants and spectators. The future of Formula One in Miami looks bright, promising even greater experiences and economic benefits in the years ahead.