Formula 1 is the wealthiest sport on earth, yet the cities that host it often end up in debt. Why?

Because the “F1 Dream” is actually a sophisticated financial trap. While Liberty Media extracts billions in “Sanctioning Fees,” local taxpayers are forced to cover massive infrastructure costs for an economic boom that never arrives.

From the abandoned tracks of Korea to the small business crisis in Las Vegas, we track the money to reveal the dark economics behind the grid. Why do mayors keep signing these contracts if the math doesn’t add up? And who is really paying for the champagne?