Miami F1 GP boss admits his event lost money
May 12 - Top race executive Tom Garfinkel admits the otherwise popular and celebrity-fuelled inaugural Miami GP actually lost money.
In fact, he says the losses were greater than were actually anticipated, even though he doesn't regret spending big to put the new street event on the map.
"If you'd asked me six months ago, I would have expected the event to make money given how revenue has been going," Garfinkel, also boss of the Miami Dolphins and the Hard Rock Stadium, is quoted by Sky Deutschland.
"But if you look at expenses, we're not going to make any money this year."
He admits it's a blow, but insisted that by no means will it jeopardise Miami's new place on the Formula 1 calendar, which is guaranteed for a decade.
"It was very important to us to offer a great event," said Garfinkel, justifying wild expenses like the much-derided 'fake harbour'.
"The costs far exceeded our expectations," he admits, "but that was because we did everything we could to develop the Formula 1 brand and the type of event that we wanted to represent."
The event was actually a three-day sell-out, so for the future Garfinkel is looking to expand the maximum circuit capacity of 87,500 to at least 100,000 if possible.
He is also tackling the post-race hangover of multiple drivers blasting the quality of the circuit layout and especially the tarmac surface, which Lando Norris calls "crap".
"There are a lot of things we can learn from and do better," Garfinkel acknowledged.
"But there are also some things that went really well. The feedback has been very positive from the teams, the drivers, Formula 1 and the FIA."
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Hard to make up ALL of the cost of building a new track, stands, etc in 3 days. Think that was a bit optimistic. Typically these capital expenditures would be spread over 5 years or so. Bottom line, they actually did quite well I'm sure.
Solution: sell more caviar hotdogs.
Yes, fish egg weenies in Mijammie
Maybe if there is a Miami GP next year, spend the money on improving the track and less on putting yachts in phoney water and catering to celebrities. The location is beautiful enough with out all the gaudiness.
Maybe if you looked after the fans and made it affordable to real people! Instead of pandering to the rich & famous, wannabe celebs and corporate hospitality you may make a little money!
Can't wait to see f1 in Vegas next year if Miami was gaudy look out for ostentatious Viva Las Vegas hell that's going to be worth staying alive for. 😜
Fake Elvis's and all. Woohoo...
They bought land, so maybe they'll actually build a track?
You have to speculate to accumulate
Long term it will be a cash cow
These people are not monkeys and would not put in the cash to lose it
They should provide good wholesome food like Haggis neeps and tatties. Winner 🏆 all round