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Formula One purchases land near Las Vegas Strip

A Formula One group has agreed to purchase a chunk of land near the Las Vegas Strip.
Published: May. 6, 2022 at 1:39 PM PDT
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LAS VEGAS, Nev. (FOX5) - A Formula One group has agreed to purchase a chunk of land near the Las Vegas Strip.

Liberty Media Group, a parent group of Formula One, announced the purchase in its first quarter earnings call Friday.

The group said it purchased 39 acres east of the Las Vegas Strip for $240 million. The group said the area will be used for circuit design and the “pit paddock” among other hospitality and race support venues.

A spokesperson Liberty Media said the land was at the northeast corner of Koval and Harmon.

Formula One previously announced the Las Vegas Grand Prix will take place in November 2023.