Formula 1 confirmed on Tuesday that the exciting motorsport event will be back in action at Miami's Hard Rock Stadium from May 2021 onwards. F1's top management has signed a deal with the USA city to bring back the event there, after it has been scrapped for the last few years due to objections raised from local businesses and residents. As a result, the recently signed deal includes the Grand Prix race financing the construction of a new race track at the Hard Rock Stadium.
The racetrack for the Miami Grand Prix will now be built on the grounds of the Hard Rock Stadium. The stadium is owned by real estate mogul and the NFL's Dolphins owner, Stephen Ross. It is also the Dolphins' home stadium. According to USA media reports, Ross will be funding the construction of the track primarily till the race takes place. The race track will be custom made and cost around $40 million.
Dolphins CEO Tom Garfinkel and Formula One's managing director of commercial operations Sean Bratches released a joint statement regarding the deal. They said that they are thrilled that Formula 1 and Hard Rock Stadium have now reached an agreement and the stadium will host its first-ever Miami Grand Prix. As Formula 1 has an annual economic impact of more than $400 million, the Formula 1 Miami Grand Prix will only be beneficial for South Florida's economy. They also expressed their gratitude towards the fans, elected officials and the tourism industry, who were patient and supportive throughout the process.
The Miami Grand Prix will be the second Grand Prix in USA after the one in Austin, Texas. However, the plan is expected to face opposition from the residents of Miami Gardens. The approval of the Miami-Dade County Commission will be required to proceed. Should the race take place, Formula 1 will have a record 22 Grand Prixs in 2020 considering that Hanoi, Vietnam has already been added as a new venue in the FIA-approved calendar.