Formula One group closes on $240M purchase of land near Las Vegas Strip

$240M dollar purchase near Koval and Harmon
$240M dollar purchase near Koval and Harmon
Published: Jun. 2, 2022 at 7:36 AM PDT
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LAS VEGAS, Nev. (FOX5) - The parent group behind Formula One has closed on its massive sale of land near the Las Vegas Strip.

A representative for Liberty Media confirmed the group closed on its $240 million purchase of 39 acres of land on the northeast corner of Koval Lane and Harmon Avenue.

The company previously said the area will be used for circuit design and the “pit paddock” among other hospitality and race support venues. In announcing the completion of the sale, Liberty Media said it was still reviewing design options and can’t comment on development plans at this time.

Formula One is set to host the Las Vegas Grand Prix in November 2023. However, an exact date for the race has yet to be announced.