Miami lands record 10-year contract extension

Ahead of this weekend's Floridian race, Formula 1 has announced that the Miami Grand Prix will remain on the calendar through 2041, following a 10-year extension to its existing agreement with the promoter South Florida Motorsports.

Although the Miami Grand Prix still had an existing contract for the coming year, Formula One has announced a new deal with promoter South Florida Motorsports which will make the Miami Grand Prix the longest contracted race on the Formula 1 calendar.

The Miami Grand Prix joined the F1 calendar in 2022, and established itself as one of the most spectacular events on the schedule.

The race has made a significant impact on the local economy and community, generating more than US$1 billion in economic impact across its first three years. The race organisers have also established internship programmes, worked with local charities, and promoted home-grown businesses each year to ensure that the legacy of the race is felt in the local area.

In addition, South Florida Motorsports was named 2024 Formula 1 Promoter of the Year in recognition of its outstanding delivery of the Grand Prix.

The 2024 race saw a circuit record of 275,000 fans attend the Miami International Autodrome across the weekend to see McLaren’s Lando Norris take his first Grand Prix victory, as well as Abbi Pulling secure back-to-back race victories in F1 Academy. The Grand Prix attracted the largest US television audience of all time, with 3.1 million viewers tuning in to follow the action.

Commenting on the announcement, Formula One's President and CEO Stefano Domenicali noted: “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.

“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.

“Miami is not only an extraordinary city, but also a truly global sporting hub, energetic, dynamic and culturally vibrant. All this would not have been possible without the far-sighted vision and tireless commitment of Stephen Ross and Tom Garfinkel, to whom I extend my sincere gratitude for the leadership, support and dedication with which they have helped transform the Miami Grand Prix into a world-class event.”

Reflecting on the record-breaking contract extension, the Miami Grand Prix's Managing Director Tom Garfinkel said: “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.

"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.

“I want to thank Stefano Domenicali and Formula 1 for believing in our vision, as well as Stephen Ross for his investment and commitment to growing this event. From day one, our goal has been to create a world-class race that also reflects the spirit of Miami — vibrant, inclusive and culturally significant.

"This long-term commitment allows us to continue innovating, investing in the fan experience and deepening our impact across South Florida.”