Dolphins CEO: ‘We’re not going to make money’ on first Miami GP. ‘Ask me after Year 2’
The Miami Grand Prix was a massive undertaking for the Miami Dolphins, but it won’t make the team any money in Year 1.
A few months ago, Tom Garfinkel expected the Dolphins would turn a profit on the Miami Gardens race, but expenses wound up being so grand they outweighed the revenue the team will bring in, the CEO said.
“We will not,” Garfinkel said. “Ask me after Year 2.”
The Dolphins and Formula One (F1) have a 10-year deal with Miami Gardens to keep the Miami Grand Prix (GP) on the grounds of Hard Rock Stadium. The Dolphins have spent the last nine months — with roughly 300-1,000 workers on site every day, Garfinkel said — transforming the parking lots into race track, erecting temporary grandstands and building a permanent paddock area for garages. Everything except the paddock and, of course, the new pavement will be taken down after the event concludes Sunday, a team spokesperson said Wednesday.
Those expenditures ultimately turned the race into a long-term play for Miami’s NFL franchise.
This year, the Miami GP limited capacity to about 85,000 per day. Garfinkel said Wednesday the Dolphins would like to increase capacity in coming years.
“If you would’ve asked me six months ago where the revenues were headed [I thought we would make money],” Garfinkel said. “Based on where the expenses were headed, we’re not going to make money this year. It was important to us to deliver a great event. The expenses far exceeded the expectations. We tried to do everything we could do first class to be on brand of what Formula One and the kind of event we wanted to deliver.”
Feedback from fans in attendance has been overwhelmingly positive, with high-end luxury tickets available at places like the paddock club or the Hard Rock-sponsored pool party, and grandstand tickets allowing all spectators to wander through an infield area reminiscent of a party they might see in the Miami Design District or Wynwood neighborhoods. Garfinkel said he had representatives from FIFA tour the campus as he tries to sell Hard Rock Stadium as a site for the 2026 World Cup, perhaps building up a similar type of infrastructure for a carnival-like atmosphere.
Drivers, however, spent Friday and Saturday criticizing aspects of the track, specifically how slippery it is — which makes overtaking difficult — and how tight the chicane is at turns 14 and 15.
Garfinkel said he is open to feedback and the track could be adjusted for 2023.
“It was a bit of a necessary evil, if you will. ... That’s an area where it’s a tricky part because we have to really slow people down because we didn’t have enough run off space,” he said. “The surface itself, we’re evaluating. We want to make sure we get that right because, obviously, if they can’t get outside the racing line there’s not going to be as much overtaking and that’s not good.
“We’ll make whatever changes we need to, if we need to, to make the track as good as we can.”
Miami GP delivers on spectacle
Sunday began with Mercedes-Benz’s Lewis Hamilton, Tampa Bay Buccaneers superstar Tom Brady, Inter Miami CF owner David Beckham and NBA legend Michael Jordan all posing for a photo together in Mercedes’ headquarters just outside Hard Rock Stadium.
It continued with Sky Sports interviewing former Duke Blue Devils star Paolo Banchero under the assumption he was Kansas City Chiefs superstar Patrick Mahomes.
It ended with all eyes in the grandstands locked in on Florida’s first F1 race since 1959.
The Miami GP delivered on a Kentucky Derby-like, celebrity-laden spectacle and a strong viewing experience for the hardcore racing fans packed into the Miami Autodrome. By the time the first lap began, the party areas in the infield had mostly cleared out as spectators lined fences and filled bleachers to watch cars zooming by at 200-plus mph.
The celebrities, however, were still quite the draw with Buffalo Bills star Josh Allen, Kansas City Chiefs star Travis Kelce, former New York Giants superstar Michael Strahan, golfer Bubba Watson, former San Antonio Spurs superstar Tony Parker, former Miami Heat superstar Dwyane Wade, actress Gabrielle Union, socialite Paris Hilton, director Spike Lee, rapper Pharrell Williams, DJ Khaled, and tennis stars Serena and Venus Williams all wandering around the paddock area prior to the race.
Several Dolphins were also in attendance, including coach Mike McDaniel, quarterback Tua Tagovailoa, wide receiver Jaylen Waddle, tackle Terron Armstead, safety Jevon Holland, defensive end Emmanuel Ogbah, and defensive tackles Christian Wilkins and Raekwon Davis.
This story was originally published May 8, 2022 at 2:14 PM.
