F1 News: Las Vegas Grand Prix Puts Longstanding Residency On Hold

F1 reveals its plan to utilize the Sphere In Las Vegas for now and in the future.

Formula 1 has revealed its plan to utilize the unique and mind-boggling Las Vegas Sphere. However, in order to make use of the structure for the Grand Prix, it has caused Irish rock band U2 to pause its residency for a temporary period. 

U2 has played a series of concerts at the Sphere that sports high-definition video screens on the inner and outer surfaces, which cost $2.3 billion to build. However, because of the Las Vegas Grand Prix, the rock band has had to take a break. They finish their final show on November 4 before returning on December 1 for dates that currently extend into February.

Liberty Media struck a deal with the Sphere's management due to the Grand Prix track circling it, and there was a need for some of the adjacent land.

Liberty Media CEO Greg Maffei stated that the company will repay some of the cost of using the Sphere's land as it closes the space for any other events. Speaking to the media, he said:

“This year we have a relationship where we've leased effectively the Sphere, both internally and externally.

“The race will be around the Sphere. So we're utilising their property. We will own all the advertising on the Sphere for the duration of the race for a fixed fee.

“We have bundled that into some [sponsorship] deals, and also sold advertising directly to parties during the race, which will defray part of our costs. It was a necessary cost for us, because we need to be on their land.

“But in addition, it was it's a revenue opportunity for us to lease as I said, or sublease, the time on the Sphere.

"In addition, we're going to have a recovery brunch, and you will need to recover, on Sunday morning, in the Sphere. And we will be showing highlights of the race internally.”

Maffei also added that F1 hopes to make more use of the Sphere in the future, having had little time to plan for the inaugural event this year. He concluded:

“We have a long-term relationship with the Sphere, and I think we will have more programming in place.

“Partly because we didn't know if the Sphere would be done, and partly we were hustling to get ourselves done, that combination made it hard to programme for this year.

“But I think in future years, we'll have a lot more going on. So even though people said why isn't U2 isn't there this weekend? It's because we didn't know what would happen."