Dr. Reid is Professor of Applied Physiology & Kinesiology at the University of Florida. He is part of a multisite research team using biometrics to measure driver physiology on track with the goal of increasing driver safety. He has published scientific articles on this topic and been invited to speak at scientific conferences, universities, and motorsport meetings. Beyond his profession, Dr. Reid is a certified high performance driving instructor who regularly instructs for national organizations.
The Event
Move over Mickey. Florida is welcoming thousands of visitors for the Miami Grand Prix on May 6-8, 2022. This inaugural Formula 1 (F1) race will feature 20 elite drivers from teams such as Ferrari, Mercedes, Red Bull, McLaren, and the US-based Haas F1 Team. The Grand Prix is the marquee attraction in a three-day race weekend that will include support races by the W Series, an international series for women drivers, and the Porsche Sprint Challenge North America. Excitement in the US and abroad has created heavy demand for tickets which sold out in only 40 minutes and are being resold for thousands of dollars.
The Miami Grand Prix is being hosted by the Hard Rock Stadium in Miami Gardens, home of the Miami Dolphins. Adjacent to the stadium is a new 3.36 mi race track, the Miami International Autodrome, which features 19 corners, three straights, and a predicted top speed of 199 mi/hr with grandstand seating for 80,000 fans.
Tom Grinkle, Dolphins CEO and Grand Prix managing partner, promises a ‘this is different’ vibe for fans. Unique aspects of the fan experience will include a temporary 24,000 square foot beach, trackside swimming pools, a ‘marina’ with dry-docked yachts, art shows, and musical performances plus a variety of clubs and hospitality zones.
Why Bother?
Formula 1 is a multi-billion dollar industry that is among the most popular sports in the world, second only to soccer in popularity. The 2022 F1 season comprises 23 races in Europe, Asia, the Middle East, and the Americas. The audience is massive. The final race of the 2021 season had over 100 million viewers worldwide and, prior to the pandemic, F1 race attendance totaled over
4 million fans each year. Recent data from Nielsen Sports indicates that up to one billion people will have an interest in Formula 1 by April 2022.
In the United States, enthusiasm for F1 has skyrocketed, largely due to ‘the Netflix effect.’ Pundits attribute the surge to the popularity of Formula 1: Drive to Survive, a Netflix series that introduced the sport to many Americans. As a result, F1 television viewership is at an all-time high in the US and last year’s United States Grand Prix, hosted by Circuit of the Americas near Austin, Texas, attracted the most attendees of any F1 race in the 2021 season. Florida has a legendary motorsports tradition and robust racing industry but has not hosted an F1 race since 1959.
The Miami Grand Prix enters the F1 market as a complement to the United States Grand Prix. The event is ideally positioned to succeed in Miami. The city has a strong international reputation as a vacation destination, famous for its beaches and nightlife, and South Florida has a vibrant, diverse culture that appeals to travelers from abroad. Getting to and from Miami is easy, with numerous domestic and international flights daily. And there are thousands of options for housing, restaurants, shopping, and entertainment.
The Business Model
Miami and surrounding communities are expected to benefit financially from the Grand Prix. Promoters of the event indicate it will create 4,000 new jobs, stimulate 35,000 hotel bookings, and have an annual economic impact of $400 million. The early data support this optimism. Scores of partner hotels from Miami Beach to Fort Lauderdale are listed on the Miami Grand Prix website and – months before the event -- most hotels already had no vacancies.
This economic engine was set in motion by a complex public/private partnership. This involved government entities in Miami, Miami Gardens, and Dade County who worked with the Dolphin and Hard Rock organizations to negotiate a deal with Liberty Media Corporation, the parent company of Formula 1. Mayor Francis Suarez of Miami, a lifelong race fan, was particularly active in promoting the race along with Dolphins owner Stephen Ross.
Community members required more coaxing. Efforts to create a downtown street race that incorporated Biscayne Boulevard and Bayfront Park were rejected by Miami residents. Initial plans for the Hard Rock Stadium venue also met resistance from the Miami Gardens community. This was resolved by a $5M community benefits package from the race organizers. The package created new STEM programs in local schools, established paid internships for high school and college students, and provided discount tickets to the Grand Prix for local residents.
The Future
Near term prospects appear rosy for the Miami Grand Prix. The 2022 F1 season is underway and seems successful, despite ties with Russia that were cut after the Ukraine invasion. Netflix recently released the highly-anticipated fourth season of Drive to Survive to the relief of fans. The receding pandemic does not threaten attendance. Nor does competition from the United States Grand Prix according to Mayor Suarez. Final preparations for the race are proceeding apace and national media coverage is glowing. Indeed, Suarez opines that the ten-year contract with F1 will be ‘like a Super Bowl every year’ for the local economy.
Still, event organizers and local government face ongoing challenges. Las Vegas was recently approved for a third US-based F1 race beginning next year. This makes the US the only nation with more than two races. Are three sustainable? Liberty Media Corp. expects ongoing changes in F1 television contracts and race venues. Miami will need to stay ahead of these and other changes or else fall victim.
Sustainability is the goal. Florida boasts several iconic auto races: the Sebring endurance race (held annually since 1950), Daytona 500 (since 1959), and Daytona endurance race (1962). For over a half century, each of these events has brought international attention to its community, attracted thousands of visitors each year, and contributed millions of dollars in economic impact. The Miami Grand Prix is poised to do the same for South Florida.
