Formula 1 leaders say new TV deal for U.S. market, possible loss of traditional Formula 1 venues are on the agenda.
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With the much anticipated Las Vegas Formula 1 announcement now in the rear view mirror, F1 is now turning its focus to a more lucrative television rights deal in the United States and more changes to future schedules.F1 CEO Stefano Domenicali freely admits that the American market is a “massive focus” for the sport, as Las Vegas is added to an ever-expanding calendar alongside existing U.S.-based races in Miami and Austin, Texas. Miami has a 10-year deal with Formula 1, while Austin is good for at least five years and the Las Vegas race three years.”We believe that Formula 1 simply belongs in the United States,” Domenicali is quoted by European media outlet Sky Deutschland. “We want to make the American market the most important one in the sport.”
F1’s commercial rights are owned by U.S.-based Liberty Media, with its CEO Greg Maffei insisting that the next piece of the jigsaw puzzle will be an American driver.
“I think with an event like the one in Las Vegas and all the other things we do in the US, it only makes it more likely that we’ll have an American driver soon,” Maffei said.
Domenicali agrees that an American driver is “very important” from a “commercial point of view.”
Also important is a better television deal, as the current deal with Disney-owned ESPN is apparently not as lucrative as it might be.
“This year we’re on ESPN and next year we’re looking for a broadcast partner,” Maffei told CNBC. “We have a lot of interest. They (ESPN) got a very good deal because we’ve had a rise in popularity and they’ve capitalized on that as well.”
He confirmed that the next U.S. TV deal is “likely to be at a much better price for us.”
The addition of F1 races at Miami and Las Vegas put traditional venues such as Monaco and Spa-Francorchamps (pictured) in jeopardy.
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At the same time, Maffei insists that Liberty Media “will not forget” that “Europe is the birthplace” of Formula 1, even if it is a “global sport today.”
The problem is simply numbers. The F1 schedule, which is at 23 for this year (one race is currently listed as TBA on the schedule), is to be capped at 24 races per the sports Concorde Agreements between the teams and series owners.
McLaren Racing CEO and Californian Zak Brown thinks the sport could survive without its flagship Grand Prix in Monaco and other historic mainstays like Spa-Francorchamps.
“I would prefer Monaco to stay on the calendar, but just as the sport as a whole is bigger than any individual driver or team, it is also bigger than any individual Grand Prix,” he told Reuters.
Keyword: F1 Las Vegas Grand Prix Is Just Tip of the Iceberg of Upcoming Changes