Formula 1 has announced it has reached an agreement in principle for a new venue for the mooted Miami Grand Prix which will take place at the Hard Rock Stadium.

In a joint statement from F1 chief Sean Bratches and Vice Chairman and CEO Tom Garfinkel, F1 is lining up a race in Florida based around NFL’s Miami Dolphin’s Hard Rock Stadium in Miami Gardens.

It follows a failed attempt to run the Miami Grand Prix on the city streets and harbour area which was pushed back by local resident objections.

F1 has released rendered images of the circuit and planned layout which will loop around the stadium and surrounding area.

“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,” a joint statement from Bratches and Garfinkel read.

“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.

“We are deeply grateful to our fans, elected officials and the local tourism industry for their patience and support throughout this process. 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.”

Since Liberty Media’s takeover of F1 from Bernie Ecclestone at the start of 2017, the group has been targeting a second race in the US to join the current Unites States Grand Prix which is hosted by Circuit of the Americas.

After an initial plan to run a race on Miami’s streets was pulled, Liberty Media has set up fan festivals in Chicago and Los Angeles in a bid to raise the sport’s profile in the country.