F1 Group land purchase near Las Vegas Strip

Article posted by Coliseum, June 20^th, 2022

Image: MJR Group Ltd./Coliseum

The parent group behind Formula One has closed on its massive sale of land near the Las Vegas Strip (US).

The ‘Fox 5 Vegas’ stated that a representative for Liberty Media confirmed the group closed on its $240 million purchase of 39 acres of land on the Northeast corner of Koval Lane and Harmon Avenue.

The Formula One is the highest class of international racing for open-wheel single-seater formula racing cars sanctioned by the Fédération Internationale de l’Automobile.

The Liberty Media Corporation is an American mass media company controlled by Chairman John C. Malone. The company has three divisions, reflecting the company’s ownership stakes in Formula One, SiriusXM and the Atlanta Braves Major League Baseball team.

The Las Vegas Strip is a stretch of Las Vegas Boulevard South in Clark County, Nevada (US) that is known for its concentration of resort hotels and casinos.

The company previously said the area will be used for circuit design and the “pit paddock” among other hospitality and race support venues. In announcing the completion of the sale, Liberty Media said it was still reviewing design options and can’t comment on development plans at this time.

The ‘Fox 5 Vegas’ further stated that Formula One is set to host the Las Vegas Grand Prix in November 2023. However, an exact date for the race is yet to be announced.

The Las Vegas Grand Prix is a planned Formula One Grand Prix due to form part of the 2023 Formula One World Championship, with the event scheduled to take place at Las Vegas, Nevada, at the Las Vegas Strip (US).

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