Chase Carey: Formula 1 is making steps forward in Miami race bid

Formula 1

Formula 1 CEO Chase Carey says he is “making steps” forward in ongoing talks over a future Miami Grand Prix.

F1 had originally wanted the race to take place around the waterfront and harbour area of Miami, and it had put extensive efforts into designing a circuit and gaining support from the relevant authorities.

But complications regarding permissions and opposition from residents led to promoter RSE Ventures switching focus to the land around the Hard Rock American Football stadium.

The switch was made because RSE owns the stadium and there is expected to be less opposition and red tape to be dealt with.

Carey stressed that building F1’s profile in the United States through an extra race in Miami or Las Vegas remains a priority.

“We’ve been quite public about our goals to pursue the opportunity in the US,” he said in a call with Wall Street analysts.

“Actually our television audience has grown well this year.

“When you look at digital, it has actually been a positive surprise, because we weren’t doing anything in digital until we started to measure the engagement we had in the US.

“There are a lot more fans here than people believe there are, so I think we’re excited about those opportunities.

“We’ve talked about adding races in what we call ‘destination cities’ like Las Vegas or Miami.

“We’ve been engaged for the last year there, I think we’ve made good headway.

“We continue to [do so], I have meetings next week with parties there, I had meetings a month ago there. We feel it’s important, we feel we’re making steps.

“We recognise that there are multiple elements in continuing to grow and build the sport, engage the fan base here. We’re making good headway on it.

“Probably the first step would be adding that race in a city like Miami, or Las Vegas.”

Carey added that he expects F1 to announce the 2020 calendar in the “next few weeks” and that is has been “largely finalised”.

He continued: “In general, we expect the number of races in the next few years to increase a bit.

“There’s a limit to by how much, but I think we do expect it to go up marginally.”

Carey also outlined his expectation that overall revenue from hosting fees will increase due to additional events.

He also believes there is scope for an increase through renegotiating what he regards as cheap existing deals from the Bernie Ecclestone era.

“I think there are some places where we are not receiving what we should be receiving when we came in,” said Carey.

“Between the supply and demand being in our favour, the increase in the race calendar, and addressing a couple of the places where we’re not receiving what we can and should be, we do expect this to be an area of growth for us.”

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