HomeLast Year in SportF1 Adds New Tour Stop Amid Rapid Expansions

F1 Adds New Tour Stop Amid Rapid Expansions

F1 Adds New Tour Stop Amid Rapid Expansions

Formula 1 (F1) is expected to announce it will be adding a Las Vegas stop to its 2022 tour.

Over the past few months, F1 have been negotiating with Nevada officials to determine if the race can be held on the Las Vegas strip.

Fans can expect to use pedestrian bridges and sidewalks to watch the race as it passes through infamous Vegas location.

Once confirmed, the F1’s Las Vegas debut is set to become the tour’s flagship race in the U.S, with the event scheduled to occur over Thanksgiving weekend in 2023.

A Las Vegas stop will mark the tour’s third U.S-based race on the F1 circuit, with the league already having long-term operations in Austin and a Miami Grand Prix debuting in May this year.

F1 has also shown interest in adding a New York stop to its tour, however the league’s current rapid expansions make it unlikely a fourth U.S location will be added any time soon.

F1 CEO, Stefano Domenicali, said the sport’s growing popularity is causing the organisation to brainstorm strategies to develop its market.

“We need to be balanced, we need to see what are the other opportunities,” Domenicali said.

On top of adding a stop in Saudi Arabia in 2020, and extending its Chinese Grand Prix contract until 2025, the league is on the hunt for additional locations, showing interest in South Africa’s ‘Kyalami circuit’.

“On top of America, on top of China, I think there is a potential also to be in Africa soon,” Domenicali added.

F1’s current Concorde Agreement, which expires in 2025, allows the league to have 24 races per season, however Donenicali said he thinks F1 could be bigger.

“I would say there is potential to go to 30,” he concluded.

The globalisation of sports can increase the rate of a sport’s growth, its popularity and its global unification.

Creating additional global events has and will allow F1 to reach new audiences, attain new sponsors and raise the capital needed to grow the sport further.

However, the organisation is being urged to consider the environmental ramifications and sustainability implications of its rapid expansions, with F1 commentator, Mark Gallagher saying the league should expect scrutiny from globally conscious stakeholders.

F1’s expansion into Saudi Arabia saw it form a partnership deal with Aramco, the world’s largest state-owned oil company.

The deal was worth over USD $450 million (AUD $601 million) and saw the oil company become a tier one sponsorship partner.

For the $500 billion company the deal cost mere pennies, but what will be the cost on F1’s image and its sustainability actions?

Share With:
Rate This Article
No Comments

Sorry, the comment form is closed at this time.