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Formula 1 to spend $ 240-Million on Las Vegas land

Formula 1‘s commercial rights holders Liberty Media are out shopping for a plot of land in Las Vegas for $240-Million to locate the pit and paddock complex for a grand prix next year, they said on Friday. The floodlit race, to be held on a Saturday, will be the third U.S. round on the calendar after Austin and Miami. Formula 1 and Liberty Media are self-promoting the race with their Live Nation entertainment company and local stakeholders. '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,' Liberty CEO Greg Maffei told analysts on a first quarter earnings call. 'I expect that transaction...
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