2021 Miami F1 Grand Prix a Step Closer With Signed Prelim Deal at NFL Dolphins Stadium

Miami Dolphins owner Stephen Ross has reportedly volunteered $40M to build a racetrack around Hard Rock Stadium and cover all race expenses.

Liberty Media

Back in April, Formula 1 rights holder Liberty Media's plan to bring the series to Miami, Florida ground to a halt when city officials, under pressure from constituents, re-postponed a vote on whether to host a race on the city's streets. Silence on the matter from both parties suggested that the Miami Grand Prix was dead in the water until Tuesday, when an NFL team owner reportedly came forward offering to fund the event.

"We are thrilled to announce that Formula 1 and Hard Rock Stadium have reached an agreement in principle to host the first-ever Formula 1 Miami Grand Prix at Hard Rock Stadium," stated Miami Dolphins CEO Tom Garfinkel and F1's managing director of commercial operations, Sean Bratches, according to Reuters.

According to Miami Herald, real estate mogul Stephen Ross has volunteered $40 million for the construction of a dedicated circuit on the grounds of Hard Rock Stadium, where his team the Miami Dolphins plays. Another of Ross' businesses will reportedly promote the race if it receives the city's approval, which remains in question given concerns voiced by Miami residents.

Dolphins CEO Garfinkel posted a photo of the proposed track concept on his Instagram story Tuesday afternoon, giving a sneak peek at what could potentially be the Miami GP circuit:

@garfinkeltom via Instagram

Locals are wary that the race could disrupt traffic and result in increased noise and air pollution. Because of this, they've pushed back against the event despite an estimated economic impact of over $400 million. Pressure from within F1 could also hamper ambitions to add Miami to the race calendar, which will span a record 22 Grands Prix in 2020 with the addition of Vietnam. Should Miami officials approve of F1's visitation, the race will reportedly be first held in May of 2021.