Formula 1 owner Liberty Media calls Vegas race a ‘huge project’ – Deadline

Formula 1 owner Liberty Media calls Vegas race a ‘huge project’ – Deadline

John Malone’s Liberty Media is gearing up for the historic Formula 1 race on the Las Vegas Strip which is set to go off with great fanfare next weekend.

Formula 1, the race promoter indebted to Liberty, has been preparing for the Formula 1 Heineken Silver Las Vegas Grand Prix for a year, building a 3.8-mile (6.2-kilometer) track that begins at 10 PT on Saturday after the weekend. A week of training and qualification sessions. It is broadcast on ESPN.

Liberty rented Jim Dolan’s new Las Vegas Sphere stadium, inside and out – so no U2 this weekend. The company has purchased all of the outdoor advertising space and leased some, CEO Greg Maffei said at Liberty Media’s investor conference in New York today. “It was necessary for us, because we had to be on their land.” He said the event will hold a “refreshment brunch” inside the structure on Sunday morning to show highlights of the race.

There is a new 300,000-square-foot pit building and race center with start and finish line, pit lane, team garages and hospitality areas. A new dedicated app will help fans get around. “It’s a huge undertaking and it’s going to be a huge spectacle,” Maffei said.

American Express is the Vegas sponsor of the event, which has seen its popularity increase in the US. Netflix has sparked interest with its reality series Formula 1: Driving to survive. The broadcaster announced the first live sporting event based around the race. The Netflix Golf Cup will air at 3pm on Tuesday, where drivers from the show will compete against golfers from another popular series. In full swing.

coming, Brad Pitt will star in Apple’s Formula 1 movie.

“In the way that Netflix has introduced a whole new audience to Formula 1, we believe the Apple film will similarly boost interest in our sport among the broader US audience,” said Stefano Domenicali, Formula 1 CEO.

Liberty/Formula One is said to have invested around $500 million in the event. The Formula One group trades under the symbols FWONK (Series A share, one vote per share) and FWONA (Series C, no vote).

The company, whose other assets include Live Nation, SiriusMX and the Atlanta Braves, showed investors a clip from a special CNBC Formula One broadcast next week ahead of the race.

Execs said Formula 1 fans are younger than fans of other motorsport (such as NASCAR), loyal and growing personally, on linear TV and digital outlets from YouTube to and F1.TV. The inaugural Miami Grand Prix in 2022 was broadcast on ABC, and averaged 2.6 million viewers, the largest live audience ever on US television, and 270,000 participants.

New distributors, sponsors and cities join. But Vegas is special.

“The excitement of racing across the Strip will be unparalleled,” Maffei said, thanking Las Vegas residents for the inconvenience.

The event will begin with a live opening ceremony with music and entertainment. Some reports have indicated that the 10pm PT start is later than most races, and will also be cooler than most.

There was also a threat of strike by hospitality workers.

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