Managing partner of the Miami Grand Prix, Tom Garfinkel, has revealed that the teams and drivers generally left a good review of the race, but conceded that the event lost money.
Formula 1’s first-ever visit to Miami had been anticipated for years after Sir Lewis Hamilton and Daniel Ricciardo stated in 2017 their desire to race in the 305 and Vegas, which will also be on the schedule next season.
The circuit was maligned for the loose traffic surface that Ricciardo compared to his farm in Perth, while Lando Norris added it was “game over” if the drivers left the racing line.
Furthermore, the fake marina received plenty of stick for the painted water rather than actual liquid, but the three-day event, for which general admission was over a thousand dollars, was a sell-out.
Despite the media interest, celebrity engagement and fan attendance, Garfinkel reveals that the extreme costs incurred to run the event actually meant they made a loss.
“If you’d asked me six months ago, I would have expected the event to make money given how revenue has been going,” he said, quoted by Sky Germany.
“But if you look at expenses, we’re not going to make any money this year.
“It was very important to us to offer a great event.
“The costs far exceeded our expectations 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.”
After the multiple criticisms of the circuit, the American sports executive remarks that the event, overall, went well.
“There are a lot of things we can learn from and do better but there are also some things that went really well,” he explained.
“The feedback has been very positive from the teams, the drivers, Formula 1 and the FIA.”
Miami will be one of three American races on the calendar next season, with Vegas joining it along with Texas.