Liberty will spend $240 million to buy land in Las Vegas

Liberty Media will spend $240 million to acquire land in Las Vegas, kicking off preparations for a new grand prix slated for 2023.

All necessary agreements have now been made and the deal will be finalized in the coming weeks, whereby Formula 1 will have an area of ​​​​about 16 hectares for the construction of a permanent complex of boxes and paddock.

“Liberty Media has indeed entered into agreements to acquire land east of the Las Vegas Steep to facilitate the project and quickly build the pit and paddock complex, as well as guest areas and other infrastructure,” Greg told financial analysts at Wall Street. , executive director of the company. “For now, we cannot share other details of the financial arrangements, nor can we say what other investments will be required at this site.”

Maffei also confirmed that Formula 1 will be one of the promoters of the Las Vegas Grand Prix: “We have already said that the race in Las Vegas will be at night, and it should be noted that unlike most other circuits, in this case Formula 1 and Liberty Media took on the role of promoter in conjunction with local shareholders and Live Nation.

The construction of the route will entail additional costs, but it is still too early to give concrete figures, we will be able to provide those data a little later.”

Source: F1 News

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