Atlanta Braves Owners, Who Controversially Let Freddie Freeman Walk Away, Set To Pump $500 Million Into F1 Las Vegas GP

Formula 1 is gearing up for the massive Las Vegas GP entry in the upcoming 2023 season. The most prestigious form of motorsport will see the Sin City race as the third GP in a calendar year in the United States. However, even before the Vegas race weekend is near, issues surrounding it have already started making headlines.

Liberty Media, the group that owns Formula 1, is all set to pump $500 million in the Vegas GP. Mick Akers, a sports business and transportation journalist, shared the information on his official Twitter handle.

According to Governor Steve Sisolak, Liberty Media will invest a huge amount of money for the construction of the paddock in the facility alone before F1 arrives in Vegas. This comes right after Atlanta Braves, the MLB team owned by Liberty Media let their star player Freddie Freeman go for free due to financial reasons.

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Freeman, who signed for Los Angeles Dodgers for $162 million for six years, had a $140 million for six years offer on his table from Braves.

Las Vegas GP is set to be the costliest F1 race

Las Vegas, known for its posh nature, is arguably a place for the wealthy. Expected to be the costliest F1 race ever, Las Vegas has already started seeing a huge surge of cost rise in hotel prices. Moreover, the accommodations, as well as amenities pricing, are also expected to skyrocket when F1 lands in Nevada next year.

According to The Washington Post, fans have complained that the Hotels had plans to buy general tickets and then convert them to prices ranging from $100,000 to $1 Million based on the amenities served over three days of the event.

However, F1 CEO Stefano Domenicali didn’t have much to say on this, as he told AP, “There will be possibilities for people who want to pay less, to spend less. As always in life, it is the market pulling the price and then on our side is the responsibility to bring a great event.”

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Liberty Media CEO Greg Maffei further conveyed, “Both for us as a company, this will be the largest race in terms of revenues. It will also be the most expensive race in terms of costs. That’s just the nature of the event, the scale, and the nature of Vegas.”