Dolphins Could Make $2.5M Annually To Host Miami F1 Race
A draft agreement between Miami-Dade County and the Dolphins would "pay the team at least" $2.5M a year for bringing a F1 race to Miami Gardens, a subsidy "tied to an existing agreement" from '14 that pays Hard Rock Stadium up to $5.75M annually for large events, according to Douglas Hanks of the MIAMI HERALD. The drafted F1 agreement would "boost that cap" to $7M, a 20% increase. However, Miami-Dade Deputy Mayor Jennifer Moon on Friday said that the Dolphins have "dropped the request for the higher cap." Even without the higher cap, the proposed F1 agreement would make the '14 agreement a "more reliable source of county revenue" for Dolphins Owner Stephen Ross. With F1 coming each year, it would let him lock in another $2.5M more for the yearly allocation allowed under the '14 agreement that "pays the Dolphins for large tourism-generating events at the stadium." The bonus payments were "swapped for Ross agreeing to a privately financed stadium renovation" the team said cost $500M. The Dolphins "already are allowed" a $1M payment for the Miami Open tennis tournament, which Hard Rock took over in March. International soccer matches that sell out Hard Rock "qualify for a $750,000 payment, while a college football championship game brings in" $3M. Though payments are established each year, Miami-Dade "exercised a provision allowing it to delay payouts" until '25. Another provision "allows Miami-Dade to cancel payments if hotel revenues fall below certain benchmarks, an unlikely scenario given the lodging industry's growth" (MIAMI HERALD, 11/9).