Liberty Media, the parent company of Formula 1, and Las Vegas Grand Prix Inc. have agreed to create a settlement fund of nearly $3.05 million for ticket holders asked to leave before the delayed second practice session at the inaugural 2023 Las Vegas Grand Prix.
U.S. District Judge Gloria Navarro granted preliminary approval to the $3,047,986 agreement in March. A final approval hearing is scheduled for November 4 in the U.S. District Court for the District of Nevada. Liberty Media and the Las Vegas Grand Prix denied wrongdoing. The settlement does not constitute an admission of liability.
Settlement Details
The settlement class includes fans with Thursday-only or three-day tickets who entered the circuit before midnight on November 16, 2023. It covers tickets purchased directly from the Las Vegas Grand Prix and qualifying-transferred tickets originally purchased through the race organizer.
Fans who purchased tickets through the Las Vegas Grand Prix or Ticketmaster’s primary or secondary markets do not need to file a claim. These purchasers will receive payments automatically at the email addresses linked to their orders.
Attendees who received tickets from another person or outside Ticketmaster must submit a claim with supporting documentation by August 27.
Payments will vary based on ticket type and the total number of qualifying claims. Awards will account for the average price of the applicable ticket, the portion of the ticket’s value attributed to the FP2 session, and a discount reflecting litigation risks. Payments may be adjusted proportionally if the total calculated awards differ from the money available in the fund.
The fund will also cover settlement administration expenses, court-approved litigation costs, and attorneys’ fees of up to 30%, or $914,396. Attorneys may also seek service awards of up to $2,500 for each of the five class representatives.
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Eric Butler is a Contributor for Dice City Sports. You can follow him on Instagram and X via @ReportandOpine
