17/07/2018
NEWS STORY
A crunch meeting over the Miami Grand Prix is scheduled for next week as it is revealed the event could be given an unprecedented 20-year deal.
The meeting, scheduled for July 26, comes despite the fact that the City Manager of Miami failed to finalise the race contract by the July 1 deadline.
Even though the deadline was missed, it is understood that behind-the-scenes negotiations continued between the City Manager and F1 as well as Grand Prix organizers South Florida Racing LLC, which is believed to be controlled by billionaire Stephen Ross, owner of the Miami Dolphins NFL team, who is looking to promote the event in partnership with F1.
"A public hearing will be held by the City Commission of the City of Miami, Florida on Thursday, July 26... for the purpose of... authorizing the City Manager to execute the Host City Agreement," declares a legal notice filed today.
Interestingly, according to Forbes, the notice reveals that the contract covers "Formula One Grand Prix racing from October 2019 through October 2029 with an option for a further ten (10) year extension".
This is double F1's usual terms which are usually for 5 years with the option of a further 5 years.
However, as previously reported, the event still faces a number of hurdles before it gets the green light,
Though the initial layout has been altered in order to avoid a piece of land earmarked for developing into a park, another section of the proposed track passes through the Bayfront Park area and unhappy residents have issued a cease and desist order claiming that the race would breach noise regulations, while another local residents group, the Biscayne Neighborhoods Association (BNA), is considering lodging its own opposition.
Ominously, only last week, David Beckham's plan to open a 28,000-seat football (soccer) arena in Miami fell foul of local residents and local government officials tentatively scrapped the plans.
Liberty Media is putting a lot of effort into the Miami venture, not only in terms of its desire to expand F1 in its American homeland but because the co-hosting of the event could be the blueprint for the sport as it moves forward, especially at a time when existing hosts are buckling under the financial weight of the ever-increasing hosting fees.
Under the deal, the organisers - F1 and Stephen Ross - would be liable for the costs of hosting the event, with Miami liable to cover the cost of services such as police, traffic control and waste disposal.
Nonetheless, Miami resident Melanie Dawn said recently the city's Mayor Francis Suarez has confirmed its "contribution to these costs will be capped, but we were not told what that cap will be".
Though it is anticipated that this might amount to just a "few million dollars", according to Forbes, there are some who question exactly how much and how the City of Miami would recoup the money.