Formula 1 secures long term deal with Miami Grand Prix until 2041

Ever since it began in 2022, the Miami Grand Prix has become one of the most exciting and popular locations for Formula 1 motorsport, which has attracted fans from across the globe, not just the US. Now, the Formula 1 has announced that the Miami Grand Prix will remain on the calendar through 2041. The decision came forward following a 10-year extension to its existing agreement with the promoter South Florida Motorsports. This is a new deal that will make Miami the longest contracted event on the F1 calendar.

It is indeed true that the Miami Grand Prix has helped the local economy by bringing in over $1 billion in just three years. The race organizers have also given it back to the community by creating more internship opportunities and have helped local charities. They are supporting small businesses.

Now, South Florida Motorsports has been named the 2024 Formula 1 Promoter of the Year. This award reveals how smoothly they have run the event and how much they care about both fans and the Miami community.

Stefano Domenicali, President and CEO of Formula 1, said:
“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.”

Further, he 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.”
He added:
“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
Meanwhile, Tom Garfinkel, Managing Partner of the Formula 1 Crypto.com Miami Grand Prix, 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.”
He said:
“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.”
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