With 17 Formula 1 teams still struggling to break even in 2017, officials are trying to boost revenue from new circuits and increased viewership.
The Miami Grand Prix is set to return to the F1 calendar in 2022, replacing the Indianapolis 500 on a move announced Thursday.
Teams had been waiting until 2021 before making a decision on whether to switch to a new city.
Rodrigo Martins, executive director of the city of Miami, said it’s a good year to make the announcement with open borders between the United States and Cuba.
Hurricane Irma also may have caused some teams to reconsider which city would be the best for a new race.
Miami’s last F1 race was held at Fort Lauderdale in 1994.
The Fort Lauderdale event was moved to Greensboro, N.C., the following year after concerns over the strength of the concrete.
Following years of protests and delays, an Indianapolis 500 has been running at the race track since 1911.
“The Indy 500 is the jewel in the crown of the American Grand Prix series, and we are proud to be able to ensure that it will continue,” Martins said.
Carlos Sainz Jr., current F1 driver for the Renault team, said the return to Florida made sense for the series.
“Miami has always been one of my favorite places,” he said. “It’s such a big city and very rich in culture. I think it’s great for us to be part of the next Formula 1 calendar. We will do our best and support any team that makes the decision to take it on.”
Lewis Hamilton, who has dominated Formula 1 this season with four wins and a world championship, told reporters he plans to have a beer with Sainz soon.
“We are going to have a beer one day soon, you bet, if it’s not too late,” he said.
The full F1 2018 schedule is on the Formula 1 website.
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