Miami Mayor Francis Suarez announced Friday that Formula 1 will continue to host the Miami Grand Prix until 2041 after a 10-year contract extension to its existing agreement with South Florida Motorsports.
"Huge announcement!!!!!! Kudos to @TomGarfinkel and his team for putting on such an amazing event and for extending this annual Super Bowl for 10 more years!!!" Saurez said.
According to Formula 1 (F1), the extension will make the Miami Grand Prix the longest contracted race on the F1 circuit. Since its inaugural race in 2022, the event has generated more than $1 billion in economic impact on the Miami area.
“In just three years, the Miami Grand Prix has established itself as one of the most important and spectacular events on our calendar, an extraordinary example of quality and vision that truly represents the spirit and ambition of Formula 1 in the United States," Formula 1 President and CEO Stefano Domenicali said.
“Extending this agreement until 2041 is a strategic milestone of enormous importance, which strengthens our presence in America and consolidates the ever-deepening bond with our fan base there, which is constantly growing and passionate like never before," Domencali added.
In 2024 alone, the Grand Prix drew 275,000 fans to the Miami International Autodrome outside Hard Rock Stadium. The race was also witnessed by 3.1 million US viewers on television, the largest in the event's history.
The race circuit features 19 corners and 3 straights, with drivers reaching an estimated 320 km/h.
The 2024 Miami Grand Prix was one by Britain's Lando Norris. Dutch driver Max Verstappen won the event's first race in 2022 and again in 2023.
“Securing a 10-year extension with Formula 1 through 2041 is an extraordinary milestone for all of us at South Florida Motorsports and a true testament to the hard work of our team, the strength of our partnerships, the support of our community and the growth of the sport in the United States," F1 Crypto.com Miami Grand Prix Managing Partner Tom Garfinkel said. "To have been granted this extension after only our third event speaks to what we have felt from the very beginning – the Miami Grand Prix is here to stay."
