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F1 owners buy Vegas land for $240 mil

Formula One's commercial rights holders Liberty Media are buying 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 One 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...
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