Too Many Bells and Whistles? F1 Miami Grand Prix Lost Money in First Year

Organizers for the Formula 1 Miami Grand Prix are admitting that the inaugural event lost money.

It's clear that reaching the high expectations of a Miami race weekend cost more than the promoters had planned. Top race executive Tom Garfinkel said the otherwise popular and celebrity-filled F1 weekend came up a little short at the cash register.

In fact, Garfinkle says the losses were greater than were actually anticipated, even though he doesn't regret spending big to put the new street event on the map.