Miami Beach took another major step forward on Thursday when it was announced that the city will become the home of Formula 1 racing beginning in 2022.
The city of Miami Beach and IMG Worldwide, the world’s leading sports and entertainment company, announced they will bring Formula 1 racing to the Florida city for the first time in 2023. As part of the deal, Miami Beach also will be the host of a Grand Prix weekend in 2022.
“We are thrilled to add the entire Formula 1 weekend to the already significant Formula 1 Florida International Circuit,” IMG CEO Mark McCormack said in a statement. “We’re confident that this deal will strengthen the domestic and international exposure of Formula 1 throughout the year while creating massive opportunities for our global portfolio of brands.”
The Miami Beach Grand Prix will be the seventh race in the FIA Formula 1 World Championship and the first the in the state of Florida. IMG said there will be 10,000 hospitality suites and a newly constructed 500,000-square-foot open-air event center with stage seating.
IMG announced in January 2018 that it was in exclusive negotiations with race promoters and owners of the Circuit of the Americas to bring a Formula 1 race to the Austin, Texas, track for a season-opening event in February 2019. Last November, after months of negotiations, the city of Austin announced that it had reached a deal with Formula 1.
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“In 2023, this Grand Prix Weekend will be an iconic and special event unlike any other,” McCormack said. “After all, we’re talking about supercar racing with some of the fastest drivers on the planet.”
A global brand portfolio includes IMG, the Professional Bull Riders organization, and the PGA Tour, in addition to educational and international events. The Grand Prix Miami Beach is also estimated to generate $50 million in direct spending.
IMG Worldwide President Kevin Murphy said the Grand Prix Miami Beach is “a perfect addition to our portfolio and one that we are extremely excited about.”
“This partnership brings together a bevy of brands with a shared passion for sports, entertainment and hospitality,” Murphy added. “We are thrilled to now bring our Championship calendar to Florida for the first time, and that is exciting. We think this will prove to be a very successful partnership for Formula 1, IMG and Miami Beach.”
“This partnership, with IMG and Formula 1, will be a game-changer,” McCormack said. “We’re extremely enthusiastic about bringing this event to the city of Miami Beach, a dynamic community with a rich tradition in hospitality and sports.”
The Grand Prix Miami Beach will become part of the upcoming, 11-race Formula 1 season. Next year’s season will be made up of 21 races and will begin in Melbourne, Australia, on March 17.
“As the sport continues to evolve and the fundamentals of modern motorsport continue to improve, we have no doubt that Formula 1 will resonate in the dynamic and thriving communities that we serve,” Maurizio Reggiani, CEO of the Circuit of the Americas, said in a statement. “We believe the Circuit of the Americas, specifically and specifically this Circuit, is a great venue for us to live and thrive in.”