Formula 1 will continue holding its Miami Grand Prix race through 2041 after reaching a long-term contract extension. The series announced a new deal on Friday with promoter South Florida Motorsports, adding ten years to the existing agreement that ran through 2031.
The extension establishes the Miami race as the longest-contracted event currently on the F1 calendar.
The event debuted in 2022 and takes place on the Miami International Autodrome circuit. The track is built around the grounds of Hard Rock Stadium in Miami Gardens, home of the Miami Dolphins.
The race has drawn a global audience and generated economic activity for South Florida. Organizers report the event has produced more than $1 billion in economic impact over its first three years. They have also supported community initiatives, including internship programs and work with local charities.
South Florida Motorsports received recognition as Formula 1’s 2024 Promoter of the Year for its execution of the event.
The circuit measures 5.41 kilometers and features 19 corners and three straights. Drivers can reach speeds up to 320 km/h.
Attendance at the event has grown each year. The 2024 race weekend at the Miami International Autodrome drew a record 275,000 fans.
The race also achieved a television milestone, with 3.1 million US viewers tuning in to watch. This marked the largest television audience for the sport in the country.
Max Verstappen won the first two races held in Miami in 2022 and 2023. Lando Norris earned his first Formula 1 win at the 2024 event.
Stefano Domenicali, President and CEO of Formula 1, commented on the extension. “In just three years, the Miami Grand Prix has established itself as one of the most important and spectacular events on our calendar,” Domenicali said. “An extraordinary example of quality and vision that truly represents the spirit and ambition of Formula 1 in the United States.”
