Looking to hit the road.
A year ago, the city of Miami made a bid to host Formula One auto racing beginning in 2019. The executives who run Formula One auto racing wanted Miami and promised that the race would bring in $700 million for Miami in economic impact. The race never got beyond the conceptual stage. Local residents didn’t want cars racing through the streets. The race, according to organizers and city officials, would have given Miami a platform on the world stage, even though Miami has a lot of global exposure. Americans don’t support Formula One races. There is just one Formula One race in the United States in Austin, Texas. Attempts to stage a second Formula One race somewhere within the United States have failed but the racing series is now owned by an American company, Liberty Media, and getting a second American race is a top priority. Liberty Media has not given up on Miami and Formula One CEO Chase Carey thinks Las Vegas would be a great Formula One spot.
Liberty Media owns the Atlanta Braves Major League Baseball franchise along with three minor league teams in Gwinnett, Georgia, Rome, Georgia and Pearl, Mississippi. F-1 racing was a financial disaster in the United States and the racing group stopped holding American events in 2007, Formula One races were held at the Indianapolis Motor Speedway between 2000 and 2007. There were no races between 2008 and 2011. In 2012, Austin’s raceway opened and seven races have been held in the Texas capital. Attempts to stage races in have failed. Carey takes issue with those who claim Americans are not interested in Formula One events. He pointed out that United States Formula One TV ratings have risen and that there is some digital interest. But getting a second American based event has not occurred.