Formula One handed Miami the longest race contract in the sport on Friday, securing the grand prix until 2041 with a ten-year extension on top of an existing decade-long deal.

The first of three US rounds on the 24-race calendar – the others being Austin’s Circuit of the Americas and Las Vegas – is being held at the Hard Rock Stadium this weekend.

It was first held in 2022.

Formula One chief executive Stefano Domenicali said Formula One wanted to think big and the extension marked “a strategic milestone of enormous importance”.

“In this moment of an incredible period of growth of Formula One, we want to make sure that we stay tuned and work together with the best partner that we have,” the Italian told a press conference.

“Miami will be part of our bigger strategy to be even stronger in the United States of America. This is a place where it is crucial to be.

“We are getting bigger and bigger, but we are still very small if you compare to the biggest sport franchise in the US… this will help us to grow in the right segment, in the right direction.”

Liberty Media-owned Formula One has boomed in popularity, particularly in the Americas where it has plenty of potential for growth, thanks largely to the hit Netflix docu-series Drive to Survive.

A Hollywood movie ‘F1’, starring Brad Pitt, is due for release next month.

Red Bull boss Christian Horner said the extension was for “an insane amount of time” but was sure to help Formula One’s growth.