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F1 owner Liberty Media buying land in Las Vegas for GP

Liberty Media is buying the site in Las Vegas partly to lock in circuit design for the future Grad PrixLiberty Media

F1 owner Liberty Media is “buying a plot of land in Las Vegas” for $240M to “locate the pit and paddock complex for a grand prix next year,” according to REUTERS. Liberty Media CEO Greg Maffei said that he expects the acquisition "will close in the second quarter." He added the "purchase price" was $240M and it will be "funded by cash on hand at the Formula One Group level.” F1 and Liberty Media are “self-promoting the race” with Live Nation and local stakeholders (REUTERS, 5/7). Maffei said that the company was “buying the site in part ‘to lock in circuit design.’” Liberty Media officials “did not say which property they are buying” in Las Vegas, nor did they say why they “opted to purchase the site as opposed to leasing it." They also did not “provide any long-term plans for the property.” The property Liberty Media is buying is at the “northeast corner of Harmon Avenue and Koval Lane just east of the Strip” (LAS VEGAS REVIEW-JOURNAL, 5/7).

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