Yieldstreet, Sportico, and Robb Report race to Miami for F1

Key takeaways

  • The inaugural Miami Grand Prix is expected to have a $400 million impact on the economy of South Florida.
  • SeatGeek reported resale prices for a complete package of race weekend tickets hit $33,000.
  • 300,000 people are expected to take part in race weekend events.

Formula One racing promises to burn up the track with the inaugural Miami Grand Prix on Sunday, May 8th, a particularly meaningful date for F1 fans as it coincides with the 40 years anniversary of the passing of Canadian driver Gilles Villeneuve – one of the most iconic figures in the history of the sport.  

Since Liberty Media, a US firm, purchased the rights to organize F1 grand prixs from CVC in 2017, the sport’s appeal has dramatically increased among US customers. The US is now its fastest-growing market, with an estimated 36 million fans.  The Miami Grand Prix is expected to draw a TV audience of 28 million, with two million more following the sport on social media.  The growing popularity was one of the reasons Formula One made a 10-year commitment to bring F1 racing back to South Florida.  

“F1 made an investment in Miami with its 10-year deal to reach millions of race fans.  Yieldstreet sees a future in Miami too and our recently opened Miami office helps us reach thousands of people who, thanks to Yieldstreet, have control to choose from several different asset classes and alternative investments on our platform,” said Milind Mehere, Yieldstreet’s Founder and CEO. 

“The booming popularity of F1 in the U.S. will be on full display at the Miami Grand Prix, where sport, luxury, and finance intersect. Sportico and Robb Report are thrilled to work with our partners at Yieldstreet to bring to life an exclusive event that celebrates performance and excellence set against the backdrop of this highly anticipated inaugural race,” said Todd Barrish VP, Brand Development and Partnerships, Sportico.

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Yieldstreet is teaming up with Robb Report and Sportico to host the Art of Luxury: F1, a gathering of some of the biggest names in business and motorsports, allowing them to network and create future opportunities.  The market potential is reflected in the current demand for tickets to F1 races in the U.S. 

More than fast cars 

SeatGeek reports the average resale price for tickets to The Miami Grand Prix at $2,414, and a complete race weekend package of tickets saw a bid of more than $33,000.  Single-day tickets originally sold for $600, with race day tickets offered initially at $1000.

This fall, F1’s next U.S. race in Austin, Texas, is the second most in-demand auto racing event on SeatGeek, with average ticket resale prices reaching $1019.  This year’s Indianapolis 500 has an average ticket resale price of $361 on SeatGeek.

This fall, F1’s next U.S. race in Austin, Texas, is the second most in-demand auto racing event on SeatGeek, with average ticket resale prices reaching $1019.  This year’s Indianapolis 500 has an average ticket resale price of $361 on SeatGeek.

His artwork captures the thrill and excitement of motor racing, and he has described it, saying, “I kind of developed that idea, and I tried to project somehow the feeling of speed and things coming at you at a million miles an hour.”

Race weekend includes practice sessions on May 6 and 7, with the qualifying race in the afternoon of the 7th.  The race is Sunday, May 8th, at 3:30 pm eastern.

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