The Grand Prix motorsport competition may be heading to the Sunshine State after Formula 1 and Miami’s Hard Rock Stadium came to an agreement in principle to host the annual event.
Although the deal is still pending approval from the Miami-Dade County Commission, the sports league shared its excitement about the possibility in a joint statement with the Miami Gardens venue.
“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,” Hard Rock and Formula 1 execs said in a joint statement. “Subject to the cooperation of the Miami-Dade County Commission, we expect the first race to take place in May 2021. With an estimated annual impact of more than $400M and 35,000 room nights, the Formula 1 Miami Grand Prix will be an economic juggernaut for South Florida each and every year.”
According to the Sun-Sentinel, the stadium would house the race track and would be funded by Miami Dolphins owner Steve Ross, who has already invested over $700 million in the area, including $550 million in stadium renovations.
Despite the possibility of becoming an “economic juggernaut” for the city, critics believe the race will affect residents and become “environmental devastating” to the communities. However, others believe it could be as beneficial as hosting the NFL Super Bowl every year, which the stadium is set to host in February.
“We are deeply grateful to our fans, elected officials, and the local tourism industry for their patience and support throughout this process,” the execs said.
“We look forward to bringing the greatest racing spectacle on the planet for the first time to one of the world’s most iconic and glamorous regions.”