F1: Miami Set to Vote on Hosting Grand Prix Racing

F1: Miami Set to Vote on Hosting Grand Prix Racing

F1: Miami Set to Vote on Hosting Grand Prix Racing

$LMCA

The Miami Grand Prix may take a step closer to becoming a reality next week when a meeting of the City Commission votes on the proposed 20-year contract with Liberty Media (NASDAQ:LMCA) for the race.

In an earlier vote the City Commission voted to authorise the City Manager to negotiate a contract with the F1 owner, with a self-imposed 1 July deadline.

It is that deal that will be discussed at the upcoming meeting, which will take place on the morning of 26 July.

A legal notice about the upcoming meeting reveals that in addition to the initial 10-year arrangement, which actually covers 11 races, and there is an option to extend for an additional 10 years.

The notice says that deal is “for a 10-year contract for the running of the Formula 1 Miami Grand Prix starting in October of 2018 with a Fan Festival at Bayfront Park and commencing with Formula 1 Grand Prix Racing from October 2019 through October 2029 with an option for a further 10 year extension.”

4 of the 5 commissioners must vote in favor of the contract for it to be approved.

While they 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.

Mayor Francis Suarez, who is a big supporter of the event, will not vote.

The notice also says that the vote will involve a resolution “authorising the city manager to execute the host city agreement, in substantially the attached form, by and between the City of Miami, the Bayfront Park Management Trust, South Florida Racing, LLC., and Formula One World Championship Limited.”

Miami residents or businesses with any objections have the right to be heard at the meeting: “The Miami City Commission requests all interested parties be present or represented at the meeting and may be heard with respect to any proposition before the City Commission in which the City Commission may take action.”

Stay tuned…

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

You must be logged in to post comments :  
CONNECT WITH