MIAMI GARDENS, Fla. — Formula 1 has solidified its future in Florida with a 10-year extension for the Miami Grand Prix, ensuring the race remains a fixture until 2041. Tom Garfinkel, managing partner of the Miami Grand Prix, expressed enthusiasm for the long-term deal. “This agreement confirms that the Miami Grand Prix will be a mainstay for many years,” he said. Garfinkel credited the milestone to the dedication of their team and the robust partnerships and support from the local community, highlighting the increasing popularity of Formula 1 in the United States.
The Miami race first hit the track in 2022 as a second U.S. location on the Formula 1 calendar. Sunday’s race will mark the fourth iteration of an event originally forged under a 10-year contract between Miami organizers and the global racing series.
With the introduction of Las Vegas to the calendar in 2023 and the continued presence of the Circuit of the Americas in Austin, Texas, the U.S. now hosts three Formula 1 races annually.
Stefano Domenicali, president of Formula 1, underscored Miami’s critical role in the sport’s expansion across the United States. “In just three years, the Miami Grand Prix has become a marquee event, embodying the quality and vision that reflect Formula 1’s aspirations in the U.S.,” Domenicali remarked. “The extension through 2041 is a strategic decision that strengthens our American footprint and solidifies the deepening connection with our ever-growing and passionate fan base.”
The Miami extension follows closely on the heels of a three-year continuation with Mexico City, set to finalize its current contract. Unlike Mexico City’s situation, the Miami Grand Prix is projected as a central component in Formula 1’s strategy to cultivate its North American market, significantly impacting the South Florida region economically. In its initial years, the Miami Grand Prix has contributed over $1 billion in economic benefits.
The event is driven by South Florida Motorsports, which has been recognized for its efforts with the 2024 F1 “Promoter of the Year” award. The organizer has fostered local community initiatives through internship programs, collaborations with regional charities, and support for local businesses.
Last year, the event recorded an impressive attendance of 275,000 spectators over three days, drawing the largest U.S. Formula 1 television audience ever, with 3.1 million viewers tuning in. Situated around Hard Rock Stadium in Miami Gardens, the Miami Grand Prix shares its locale with the Miami Dolphins, the ATP and WTA Miami Open, and will host seven matches during next year’s soccer World Cup.