Formula 1 reaches deal to hold the Miami Grand Prix in May 2021

Formula 1 confirmed on Tuesday that exciting motorsport event will be back in action at Miami's Hard Rock Stium from May 2021 onwards. F1's top manment has signed a deal with USA city to bring back event re, after it has been scrapped for last few years due to objections raised from local businesses and residents. As a result, recently signed deal includes Grand Prix race financing construction of a new race track at Hard Rock Stium.

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Formula 1 Miami Grand Prix will take place in May 2021

racetrack for Miami Grand Prix will w be built on grounds of Hard Rock Stium. stium is owned by real estate mogul and NFL's Dolphins owner, Stephen Ross. It is also Dolphins' home stium. According to USA media reports, Ross will be funding construction of track primarily till race takes place. race track will be custom me and cost around $40 million. 

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Dolphins CEO Tom Garfinkel and Formula One's managing director of commercial operations Sean Bratches released a joint statement regarding deal. y said that y are thrilled that Formula 1 and Hard Rock Stium have w reached an agreement and stium will host its first-ever Miami Grand Prix. As Formula 1 has an annual ecomic impact of more than $400 million, Formula 1 Miami Grand Prix will only be beneficial for South Florida's ecomy. y also expressed ir gratitude towards fans, elected officials and tourism industry, who were patient and supportive throughout process. 

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Miami Grand Prix will be second Grand Prix in USA after one in Austin, Texas. However, plan is expected to face opposition from residents of Miami Gardens. approval of Miami-De County Commission will be required to proceed. Should race take place, Formula 1 will have a record 22 Grand Prixs in 2020 considering that Hai, Vietnam has alrey been ded as a new venue in FIA-approved calendar.

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