10-year contract extension secures Miami Grand Prix until 2041

The Miami Grand Prix has become the longest-contracted race on the Formula 1 calendar after a 10-year extension will cement its position until 2041.

The race at the Hard Rock Stadium hosted its first event in 2022 and has become one of the regular Sprint weekends on the schedule, welcoming over a quarter of a million fans for last year’s edition. The race organizers say it has also generated over $1 billion in economic impact over the first three years. With the previous contract having been set to expire at the turn of the decade, it will now remain on the schedule for at least 16 more years.

“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,” F1 president and CEO Stefano Domenicali said. “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.”

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Miami was the second of the American races to join the schedule after the existing event at Circuit of The Americas in Austin, and has since been joined by Las Vegas as the sport attracts large crowds on three occasions through the year in the U.S. The solidity of that growth, and potential for more, is something that Miami Grand Prix managing partner Garfinkel says is proven by the length of the new deal.

“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,” Garfinkel said. “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.”

Miami joins Mexico City in announcing contracts extensions this week, with both retaining permanent positions after a switch of the Belgian Grand Prix to a rotational deal.