Formula One and local organisers in April abandoned plans to hold an annual race in downtown Miami after local businesses and residents objected.

Organisers 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 US$40 million custom track and cover all race costs, the Herald said.

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 to the paper.

“With an estimated annual impact of more than US$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,” Garfinkel added.

“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.”

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.