Liberty Media reveals ‘greedy motive’ behind the Las Vegas GP investment

Liberty Media CEO expects a massive rise in F1 sponsorships because of the Las Vegas GP.

Liberty Media reveals ‘greedy motive’ behind the Las Vegas GP investment

A render of the Las Vegas GP

Formula 1 will return to the iconic city of Las Vegas in 2023. F1 has tried to gain a foothold in the United States for decades. The 2023 F1 calendar has 3 races scheduled in the USA, including the Las Vegas GP. Although Formula 1 will also act as the promotor of the race on the famous city strip. F1 rights owner, Liberty Media opened up about the reason for such massive interest in this race.

Liberty Media CEO Greg Maffei recently confessed that the sport is looking for lucrative revenue from the Las Vegas GP. Subsequently, Maffei justified the costs borne by F1 for this race as it is expected that this GP would bring millions of dollars over the years. He said, “Our goal here should be to be long-term greedy in the sense that we’re going to have a high revenue stream here, we’re going to have a high cost stream here.”

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Greg was optimistic about the Las Vegas GP’s commercial prospects for Formula 1 as the Liberty Media CEO expected a decent stream of revenue from the race. He continued, “I think we’ll make a lot of money in Vegas in the long term. I’m very excited — I think we’ll make good money this year.”

Greg acknowledged that the priority for the inaugural Las Vegas GP is to deliver an exciting event for the sport and the fans. Maffei continued, “But way more important than that is we have a great experience for our drivers, for our patrons, for our fans, for our viewers, for everybody involved. So that’s the goal.”

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F1 will get “whole new recognition” through the Las Vegas GP: Liberty Media CEO

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Las Vegas has been a major focal point of F1

Greg Maffei mentioned how F1 could benefit substantially from the Las Vegas GP in the US market. The USA has always been a key focus of the sport, and the addition of this race would propel the commercial appeal. He explained, “I think once we have the event in Vegas, there’s going to be a whole new recognition for Formula 1 in the United States, which still is our most important sponsorship market.” American driver Logan Sargeant is also expected to boost the financial prospects of the event.

The Liberty Media CEO shed light on the spectacle expected at the Las Vegas GP. Greg stated, “A night race down the Strip that’s going to be iconic, that 10 o’clock view… I think few Americans will not have seen that view at some point — that’s going to be on every piece of television imaginable” This would further add to F1’s appeal in the US.

Maffei emphasized how this will generate more sponsorship interest in F1 globally. He said, “I think that is going to kick off a new round of sponsor interest as well, and more broad sponsor interest.” Over the years, the sport has risen in popularity as drivers such as Lewis Hamilton and Max Verstappen became sporting icons.

Thus, Liberty Media has not hidden that money is the reason behind the Las Vegas GP. The sport has earned millions of new fans in the last couple of years, especially in the United States. The Las Vegas race will attract the biggest names across Hollywood, and this would further bolster F1’s image. However, it remains to be seen if the race actually delivers some exciting racing.

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