F1 | MIAMI
Formula 1 in Miami: A glimpse into the future of Grand Prix Racing
The race in Miami offers a different, more exclusive, more exciting and more attractive proposition to bring in the fans and the dollars.
In the coming years, Formula 1 Grand Prix events will closely resemble the one in Miami, showcasing cities with unique character, state-of-the-art facilities, accommodation for tens of thousands of VIP guests, and circuits that prioritize excitement over tradition, acting as a magnet for a wide array of attractions. The Miami GP exemplifies the direction Liberty Media envisions for future races, such as the Las Vegas Grand Prix, and sets the standard for other events on the calendar. Should the proposal for a Madrid GP advance, it is expected to mirror this week’s event around the Hard Rock Stadium.
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How much are ticket prices for F1 in Miami?
The Miami International Autodrome boasts a daily capacity of 90,000 spectators, culminating in 270,000 attendees over the weekend. However, Formula 1 has shifted its focus from quantity to quality: Miami offers 6,000 Paddock Club passes, one of the most exclusive experiences, at a price of $10,000 each. Teams and sponsors also utilize these passes to accommodate guests. A simple calculation reveals that selling all passes would generate over $60 million in revenue, a figure that would necessitate the sale of 300,000 tickets if they only cost $200 each—an impossible feat for any circuit.
In addition to the Paddock Club, other hospitality stations on the Campus offer packages starting at $5,000, with an exclusive “F1 Garage” pass granting access to a pit-lane box for $30,000. As for general admission, the most affordable option in Miami—providing entry without a seat—costs around $600, while grandstand seats start at $1,000.
Costs of hosting a Formula 1 race
These earnings must offset the substantial costs associated with constructing a temporary circuit and organizing the event, which includes fees paid to Formula 1 (ranging between $30 and $70 million, depending on the race). Miami’s expenses are estimated at $80 million annually, though official figures remain undisclosed.
The future F1 racing calendar will accommodate up to 24 races (the regulatory maximum), featuring a blend of self-sustaining events and those supported by third-party countries seeking promotion (such as Bahrain, Saudi Arabia, and Azerbaijan). While Formula 1 CEO Stefano Domenicali envisions a third of the season taking place in Europe, traditional circuits must heed the message and adapt to the evolving landscape of Grand Prix racing.