LAS VEGAS (KLAS) — A dispute that threatened to delay the Las Vegas Grand Prix has been settled out of court, according to an announcement from F1 owner Liberty Media.
Terms of a confidential settlement between F1, Liberty Media and P2M Motorsports were not disclosed.
A lawsuit filed by F1 (Formula One World Championship Ltd.) and Liberty Media Corp. on March 3, 2021, alleged that P2M was formed to serve as the promoter of the Las Vegas Grand Prix, but the relationship with F1 and Liberty was never formalized.
The lawsuit characterized P2M’s demands as “extortionate” and said the race organizers refused to “allow P2M to continue to hold hostage its hopes for a Las Vegas race.” P2M allegedly interfered with negotiations.
Plans for the race can now move forward with the lawsuit no longer hanging over the event.
The Las Vegas Convention and Visitors Authority and R&R Partners had been unable to negotiate with F1 as threats of a lawsuit lingered.