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Formula One hit the jackpot in Las Vegas last night by sealing what is likely to represent the first £1billion deal in the sport’s history.
After months of negotiations, F1 chief executive Stefano Domenicali flew from London to Sin City’s iconic Strip to announce the Las Vegas Grand Prix will join the calendar next year.
In a break with recent tradition, the 50-lap extravaganza will take place on a Saturday on one of the two last weekends in November, probably at 10pm local time — scheduling that guarantees F1 mass projection.
F1 officials have confirmed the Las Vegas Grand Prix will be added to next year’s calendar
F1 chief executive Stefano Domenicali may have secured the sport’s first ever £1billion deal
While Domenicali is cock-a-hoop at landing the fabled venue for the glamour it lends the sport, the financial rewards are eye-watering owing to the terms of the contract. Rather than receive a fee from the host city, as is usually the case, F1 will themselves promote the event.
Sources believe this could accrue more than £100million per race. If the arrangement lasts for a decade, as is minimally hoped, the billion-pound mark should be exceeded, making Las Vegas the most lucrative grand prix ever.
Ticket sales, merchandise revenues and sponsorship deals will fall straight into Formula One’s bank account.
Not that Vegas will miss out. As an insider put it: ‘The local authorities have taken the view that any disruption the race will cause to the area is well worth the trouble. They will make money hand over fist in the casinos, hotels and restaurants. It is good for business all round. That is the conclusion all parties have come to.’
So a 14-corner, 3.8-mile track will come to life on the neon-lit Strip, roaring past such iconic landmarks as Caesars Palace, the MGM Grand and the Belaggio at speeds of up to 212mph. The circuit design includes a high-speed cornering sequence and a single chicane section.
Las Vegas will become the third…
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Source : dailymail
