The company is focused on American markets.
Formula One racing is owned by Liberty Media, which is a United States-based business, and there is a shift in the strategy of the business. The company now has three American races, one in Austin, Texas, one in Miami Gardens, Florida and one in Las Vegas, Nevada. But the 2023 schedule does not include France. There will be as many as 24 races in 2023. F1 racing has decided to continue its event in Belgium after there were reports that race was on the chopping block. The French Grand Prix, which dates back to 1906, is gone because F1 racing wants money from the tracks, lots of money. F1 is going to Qatar because local organizers are willing to pay big bucks for a race. European organizers are paying significantly less for the car racing event and apparently are unwilling to match what others such as Saudi Arabia, Bahrain and Abu Dhabi are willing to give the racing group.
F1’s deals with Dutch organizers end in 2023. There are two more expiring contracts in Italy and England in 2024. F1 can point out to the Europeans that there is interest elsewhere in its product and will squeeze local promoters for more money. But F1, while it’s doing well in Austin and Miami right now, still has to contend with American history which is not favorable. Can F1 racing sustain American interest? F1 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. F1 then signed a 10-year deal to race around Stephen Ross’s Miami Dolphins stadium. Will Americans support F1 racing is an unanswered question.
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