Formula One and Dolphins team up for 2021 Miami Grand Prix plan

Miami is set to host a Formula One Grand Prix at the city's iconic Hard Rock Stadium, the home of the NFL's Miami Dolphins, from 2021, the motorsport's chiefs said Wednesday.

If the plan, expected to be given the green light later in October, goes ahead it's expected to generate more than $400 million, officials said.

"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," said a joint statement released by F1's Managing Director of Commercial Operations Sean Bratches and Tom Garfinkel, chief executive of the Dolphins and the 65,000-capacity stadium.

"With an estimated annual impact of more than $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."

The Miami Grand Prix would see cars navigating a custom-built track around the stadium and give F1 its second race in the United States, alongside the US Grand Prix at Austin in Texas which takes place on the first weekend of November.

Should the race be given the green light in a vote by the Miami-Dade County on October 28, it would see F1 return to Florida for the first time since the 1959 US Grand Prix at Sebring.