Plans for an F1 race in Las Vegas "have hit top gear, as organisers have revealed that a Chinese conglomerate has agreed to commit" the $142M (all figures US) "needed for the race to get the green light," according to Sylt & Fairman of the BBC. They added that Las Vegas "could appear on the calendar as soon as next year, giving F1 a record" 22 events. A race on the streets of Las Vegas "is a long-time dream" of F1 CEO Bernie Ecclestone, but it has "failed to get the green light so far as local organisers struggled to secure funding." P2M Motorsports Founder Farid Shidfar said that funding "is no longer a roadblock as he has an 'agreement in principle' with a Beijing-based conglomerate." It is the latest in an "accelerating number of Chinese investments in overseas sports." Investors from China "already have minority stakes" in several soccer clubs including EPL club Manchester City, La Liga club Atletico Madrid and NYCFC. F1's previous race in Las Vegas was held in '82, but the event "failed to get support from within F1 due to the makeshift nature of the course, which was in the Caesar's Palace car park." F1 track designer Tilke Managing Partner Peter Wahl said, "We have successfully designed a racetrack which is partly on the Las Vegas Strip and does not impact any resort." P2 Motorsports co-Founder Russell Dixon said the race "will cost investors" nearly $150M including hosting fees (BBC.com, 6/11).
