Liberty Media, a mass media company and Formula One‘s commercial rights holders, is purchasing a piece of land in Las Vegas at a whopping price of $240 million for the pit and paddock complex that is set to be built for the 2023 Las Vegas Grand Prix, according to Reuters. 

The race, scheduled to commence on a Saturday, will mark the third round in the US after Miami and Austin. 

Formula One and Liberty Media will “promote Vegas in conjunction with Live Nation (an entertainment company) and local partners,” according to Liberty CEO Greg Maffei. 

“Liberty Media did enter an agreement to acquire 39 acres east of the Strip to lock in circuit design and create capacity for the pit and paddock,” Maffei told analysts on Friday.

“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,” he added. 

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Meanwhile, Zak Brown, CEO of McLaren Racing, believes that the move is a positive step in the right direction. 

“I think Liberty’s commitment to Formula One has been awesome,” Brown told reporters at the inaugural Miami Grand Prix.

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“I think the fact that Liberty is putting skin in the game in certain parts of the business shows their commitment,” he added. 

“And they are doing that because they think it will help it grow, which is good for them and good for us,” Brown said. 

The track, which spreads 6.12km, will have cars driving past Vegas’ most exciting locations, such as the Caesars Palace and the Bellagio Fountains. The racing event aims to garner about 170,000 fans.