LAS VEGAS (KLAS) — Formula 1 is moving fast to secure land and plan for the Nov. 2023 Las Vegas Grand Prix.

On its first-quarter earnings call Friday, F1 owner Liberty Media confirmed it has entered an agreement to buy 39 acres east of the strip.

Liberty Media President and CEO said, “Liberty Media did enter into an agreement to acquire 39 acres east of the strip to lock-in circuit design and pit capacity for the paddock among other hospitality and race support venues. I expect that transaction will close in the second quarter and the purchase price was $240 million which will be funded by cash on hand at the Formula 1 group level.”

While not confirmed, the initial track map put out by F1 showed this area to be at the NE corner of Harmon and Koval in the area where the closed Ice nightclub has sat empty for years.

The 50-lap Las Vegas Grand Prix is currently scheduled for Saturday, Nov. 25. The race is scheduled to begin at 10 p.m. and will take racers from Harmon/Koval pit area north on Koval, around the MSG Sphere and west on Sands to the Las Vegas strip. Here drivers will turn left and speed south on the strip at around 212 mph before turning east on Flamingo to complete a lap at the pit area.