MIAMI, FLORIDA - The city of Miami will host a Formula One Grand Prix in May 2021, subject to local government approval, after the sport announced a deal on Tuesday with the city's Hard Rock Stadium.
Formula One and local organisers in April abandoned plans to hold an annual race in downtown Miami after businesses and residents objected.
Organisers then turned their attention to building a racetrack on the grounds of Hard Rock Stadium, which is home to the NFL's Miami Dolphins and is owned by real estate mogul and Dolphins owner Stephen Ross.
Ross will fund construction of the estimated $40 million custom track and cover all race costs, the Miami Herald reported on Tuesday. A company owned by the American billionaire has been lined up as the potential promoter.
"We are thrilled to announce that Formula One and Hard Rock Stadium have reached an agreement in principle to host the first-ever Formula One Miami Grand Prix at Hard Rock Stadium," Dolphins CEO Tom Garfinkel and Sean Bratches, Formula One's managing director of commercial operations, said in a joint statement.