Formula 1 Stops Trump Fundraiser; Miami Grand Prix Connection To Dolphins Owner Draws Attention
Motorsport league Formula 1, which is owned by Liberty Formula One (NASDAQ:FWONA) (NASDAQ:FWONK) returns to the United States this weekend with the third annual Miami Grand Prix.
Here are some of the top storylines for the race.
Donald Trump Fundraising: Former President Donald Trump continues his efforts to campaign and fundraise for the 2024 presidential election, while he also attends a criminal trial in New York.
Formula 1 has halted a fundraising event organized by Trump at the Miami Grand Prix. The event was stopped after the Miami Grand Prix sent a cease and desist letter to Trump on Friday, according to the Washington Post.
The cease and desist letter was issued as Trump planned to utilize a suite at the Formula 1 race for a fundraising event, according to reports.
"It has come to our attention that you may be using your Paddock Club Rooftop Suite for a political purpose, namely raising money for a federal election at $250,000 per ticket, which clearly violates the Formula 1 Crypto.com Miami Grand Prix suite license agreement," the letter obtained by The Washington Post reads.
The letter, which was sent to Trump friend Steven Witkoff, said the suite license will be revoked and Witkoff will not be able to attend. The suite was bought under Witkoff's name.
Trump is planning to attend the race and Secret Service have reached out to race officials, according to sources.
Related Link: Formula One Rejects Andretti, General Motors Team Bid: What This Could Mean For US Growth, ESPN’s Media Rights
Miami Dolphins Valuation: Reports of the Miami Dolphins being put up for sale have been circulating for several months. Benzinga previously reported that hedge funder Ken Griffin was among the reported interested parties in buying a stake in the NFL franchise.
Along with owning the Dolphins, Stephen Ross also owns the Miami Grand Prix. The success of the race, which would be included in the sale of the team or a minority stake, has increased the overall valuation of the NFL team and assets.
A report from USA Today said Ross turned down an offer of $10 billion for control of the Dolphins, the Miami Grand Prix and Hard Rock Stadium. The highest price paid for an NFL franchise was $6.05 billion for the Washington Commanders in 2023. The sale also marked the highest price ever paid for a sports franchise.
The growth of Formula 1 in the United States, which many attribute to Netflix Inc (NASDAQ:NFLX), has helped boost the prominence of the three U.S. races held in Miami, Texas and Las Vegas.
The package of the Dolphins, stadium and Formula 1 race could make a nice payday for Ross if he decides to sell and would give the new owner a way to capitalize on the growth of both the NFL and Formula 1.
Ferrari Unveils New Car: Ahead of the Miami Grand Prix, automotive company Ferrari N.V. (NYSE:RACE) unveiled its special colors and designs for their SF-24 that will race in Miami.
The new design includes shades of blue and pays tribute to the 70th anniversary of Ferrari's presence in North America, according to the company. The "splashes of colour" will be used on the wings, engine cover, halo, rear-view mirrors, race numbers and wheel rims.
Ferrari drivers Charles Leclerc and Carlos Sainz will drive the vehicles in the race. The duo will also wear a special team kit that features the Azzurro Dino blue color on their race suit, shoes, gloves and helmet.
The blue shades on the car pay homage to the iconic Ferrari Formula 1 cars and drivers of the past, who often sported these colors.
"The upcoming Miami Grand Prix will be one to remember in the history of our team, as in Florida we will be celebrating our heritage through a unique livery, rediscovering two colours that are part of our history," Ferrari Team Principal Fred Vasseur said.
Other Storylines: Viewership will be a key factor to watch, with Sunday's race airing on ABC and streaming on ESPN+ as part of the U.S. media rights owned by The Walt Disney Company (NYSE:DIS). The Formula 1 races typically air on ESPN in the U.S., but this race is prominently featured on broadcast television.
The last two Miami Grand Prix races have posted viewership of 1.96 million (2023) and 2.58 million (2022) and were among the most watched U.S. Formula 1 races ever.
Disney beat out several other companies that bid on the Formula 1 rights and could have increased competition in the future as reports say technology giant Apple is considering trying to acquire global rights to the league.
Max Verstappen has won the last two Miami Grand Prix races and has been dominant in the sport in recent years, winning the last three Formula 1 World Championships. Verstappen has won four of the five Formula 1 races this year, only losing a race he failed to finish.
The betting odds at DraftKings (NASDAQ:DKNG) for Verstappen see the diver as a heavy favorite at odds of -600, meaning a bettor would need to wager $600 to win $100 profit on his victory.
Image created using artificial intelligence via Midjourney.