COTA Wants Its F1 Tickets Back, Offers 'Financial Win' to Those Who Bought Early
Circuit of the Americas on Thursday morning announced a program to buy back general admission tickets for those who took advantage of the early bird sale.
Last year, those who were ready to plan their October 2024 F1 weekend were able to purchase tickets for $299.
"We believe this year’s Formula One Pirelli United States Grand Prix Weekend is going to be spectacular," COTA shared on their buyback site. "So much so that we are confident in the strength of this year’s entertainment lineup - set to be announced on April 29th - that we are offering to buy back previously sold 'early bird' general admission grounds passes at a profit."
The track is set to announce the headliners for this year's United States Grand Prix, and the circuit is convinced that the name will lead to an increased number of fans wanting to book their weekend in Austin, Texas. The choice of entertainer may be polarizing to fans, and some who have bought tickets may choose to take the financial bump provided by the buy-back program.
Previous F1 weekends in Austin have brought out the likes of Elton John, P!nk, Ed Sheeran, and, back in 2016, Taylor Swift. The announcement of entertainers is set for April 29, and COTA says it will continue to buy back tickets until May 6, one week later.
"We are so excited about this year’s music headliners that we couldn’t wait to tease the good news and give our fans this unique option to make a profit," a COTA spokesperson said to Road & Track. "We hope all 'early bird' customers will want to hang on to their tickets and join us for the 2024 USGP, however our goal with this offer was a uniquely strong statement of our confidence in the entertainment programming this year."
The track's founding partner Bobby Epstein gave some additional insight into the initiative to Planet F1.
“We’re going to put a limited amount of tickets on sale again, after that music announcement at a little bit of a higher price, Epstein said. "It’s still below where we sold tickets when we went out with GA tickets last year."
“We know, when we announce our performers for this year’s Grand Prix weekend, that those tickets are going to be worth well more than they paid."
COTA is keeping the announcement close to its chest until April 29.
"I think this is going to be perhaps the biggest since the Taylor Swift announcement," Epstein said.
General Admission ticket sales are currently frozen on the site. Last year, those who waited until closer to the race weekend paid up to $475 through the verified channels.
Every year, COTA's concerts are included in the price of every ticket, including general admission. GA tickets are a major plus to COTA's F1 race weekend versus the other two U.S. dates; with Miami and Las Vegas both being street circuits, the events are limited in what they can provide. Las Vegas notoriously was ridiculed for having no affordable options for its inaugural grand prix.
It's a strange move to announce to fans that forthcoming news will make their tickets more valuable while also attempting to claw them back. It's no secret that buying and reselling concert and sporting event tickets has become a trend in post-COVID culture. In fact, it's become such a problem that the Department of Justice is investigating Ticketmaster—the purchasing platform for F1 tickets—for potential antitrust violations. A move that in part started because of the aforementioned mega pop star, Taylor Swift.
COTA says it hopes its program provides a quick win for those who have changed their mind, making them $51 without the hassle and fees associated with resale.
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