Formula 1’s Miami Grand Prix hosted events and programming for the week leading up to the race, but its Las Vegas edition could stage activity at the paddock site year-round.

“Our goal was to have a facility which is not only magnificent for the race but has the opportunity to have ongoing activations and events, even when the race is not underway,” Greg Maffei, CEO of F1 parent Liberty Media, told investors.

• In May, F1 purchased a 39-acre plot of land in central Las Vegas to house the pit and paddock area for $240 million.
• The purchase resolved questions about how F1 was going to find space for the pit and paddock near a track that will run through the Las Vegas Strip.
• F1 will race in Las Vegas in November 2023, for the first time since 1982. 

Year-Round Operation

Unlike most of its other races, F1 and Liberty Media are self-promoting the Las Vegas Grand Prix, along with Live Nation and local stakeholders.

“It’s a bit difficult to forecast for investments because we’re still working out the program we’re going to undertake there,” said Maffei. “We can well manage this within the capital we have. It’s not going to drain us in any way, and it’s not going to forestall us from doing other actions.”

Maffei noted that F1 founding partners Caesars, Wynn Las Vegas, and MGM Resorts are already “seeing incredible demand” related to the race.

As the PGA Tour gears up for the FedEx Cup Playoffs, it’s doing everything it can to keep LIV defectors from playing — including legal sanctions.

Attorneys for the Tour have asked a federal judge to deny a temporary restraining order filed on behalf of three players that would compel the Tour to allow them to play in the golf postseason despite their suspensions.

A hearing has been scheduled for 4 p.m. ET via Zoom on Tuesday.

Talor Gooch, Matt Jones, and Hudson Swafford all left the PGA Tour to compete with LIV Golf.

• All three would qualify for the playoffs by virtue of being ranked in the top 125 of the FedEx Cup standings.
• They rank 20th, 65th, and 67th, respectively.

Attorneys for the LIV players argue that the punishment for not being able to play in the playoffs would be “substantial and irreparable,” and that the temporary restraining order is necessary to prevent that harm.

The PGA Tour is arguing that these players have no basis to demand such an order.

“Their ineligibility for Tour events was foreseeable when they accepted millions from LIV to breach their agreements with the Tour, and they knew for a fact that they were suspended on June 9,” the Tour’s lawyers wrote. “The antitrust laws do not allow Plaintiffs to have their cake and eat it, too.”

Courtroom Battle

The drama surrounding the PGA Tour-LIV Golf feud has intensified in recent weeks after 11 LIV players filed an antitrust lawsuit against the Tour.

The FedEx Cup Playoffs begin with the FedEx St. Jude Championship on Aug. 11.

Visa Outdoor has closed its acquisition of Fox Racing for $540 million, adding the extreme sports and lifestyle company to its portfolio of more than 30 sports and recreation brands. 

Known for its motocross and mountain gear products, Fox Racing allows Vista Outdoor to expand its reach across the sports and outdoor recreation category as it strives to be “the acquirer of choice within the industry,” CEO Chris Metz told Front Office Sports earlier this year. 

• The deal could increase by $50 million based on Fox Racing’s financial performance.
• Fox Racing saw net sales grow by a CAGR of 20% from 2019 to 2021.
• Sales are projected to grow another 20% in 2022. 

Vista Outdoor acquired Fox Racing following favorable results in the company’s latest earnings report. Despite facing supply chain constraints and rising inflation, Vista Outdoor posted $803 million in sales in fiscal Q1 2023, a 21% increase compared to fiscal Q1 2022.  

The Minnesota-based company’s sporting products segment generated $511 million in sales in fiscal Q1 2023 — up 40% year-over-year — while its outdoor segment saw sales reach $292 million during the quarter, a 2% decline compared to the same period the year prior. 

Reels In Another

Vista Outdoor has also announced the acquisition of Simms Fishing Products for $192.5 million.

The deal provides Vista Outdoor with additional access to more than 55 million fishing participants nationwide. Simms will add roughly $110 million in net sales to Vista Outdoor.