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Formula One and local organizers in April
abandoned plans to hold an annual race in downtown Miami after
businesses and residents objected.
Organizers 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.
"With an estimated annual impact of more than $400 million and
35,000 room nights, the Formula One Miami Grand Prix will be an
economic juggernaut for South Florida each and every year."
"We are deeply grateful to our fans, elected officials and the
local tourism industry for their patience and support throughout
this process," they said.
Formula One will have a record 22 races next year, with a new
race in Vietnam added to the calendar.
The race would be a second grand prix in the United States after
the one in Austin, Texas.
The plan is expected to be met with opposition from Miami
Gardens residents and businesses and will need the approval of
the Miami-Dade County Commission to go forward.
(Reporting by Rory Carroll in Los Angeles, Additional reporting
by Alan Baldwin; Editing by Toby Davis and Darren Schuettler)
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