Formula One's commercial rights holders Liberty Media are buying a plot of land in Las Vegas for $240 million to locate the pit and paddock complex for a grand prix next year, they said on Friday.
The floodlit race, to be held on a Saturday, will be the third U.S. round on the calendar after Austin and Miami.
"I expect that transaction will close in the second quarter and the purchase price was $240 million. It will be funded by cash on hand at the Formula One Group level." "I think Liberty's commitment to Formula One has been awesome," the American told reporters. "I think the fact that Liberty is putting skin in the game in certain parts of the business shows their commitment.
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