The Miami Formula 1 Grand Prix "could take a step closer to becoming a reality next week" when a meeting of the City Commission "votes on the proposed 20-year contract for the race," according to Adam Cooper of MOTORSPORT. The City Commission previously voted to authorize the city manager to negotiate a contract with F1, with a "self-imposed" July 1 deadline. That deal "will be discussed at the upcoming meeting," which will take place on July 26. A legal notice about the upcoming meeting revealed that in addition to the initial 10-year arrangement -- which actually covers 11 races -- "there is an option to extend for a further 10 years." While the city's commissioners have "already expressed support for the race," it is "by no means a given that they will rubber stamp the final plans, as there has been some opposition from residents" (MOTORSPORT, 7/17). Christian Sylt reported for FORBES after the July 1 deadline was missed, Miami's city manager continued to negotiate with F1 and organizer South Florida Racing LLC, "which is believed to be controlled by billionaire Stephen Ross," who owns the NFL Miami Dolphins. It "is thought the contract is nearing completion" (FORBES, 7/17).
WAITING IT OUT: Circuit of the Americas Chair Bobby Epstein "believes he has time on his side when it comes to negotiating a new contract" for the U.S. F1 Grand Prix in Austin. The Texas track’s existing deal, agreed with former F1 CEO Bernie Ecclestone, runs through '21 "with an annual escalator clause." Epstein "would like to secure better terms" from Liberty Media, "as do other promoters in the global series who have long complained that high hosting fees make it hard to turn a profit." He said, "I think there are nine or 10 circuits that have to renew their deals before we do. So I am sure by the time ours comes up, there’ll be a lot more precedents set" (REUTERS, 7/17).
