The Miami Dolphins are closing in on an agreement with Miami-Dade County regarding the $350 million renovation of Sun Life Stadium.
Under the deal, the county would pay the team millions of dollars for hosting major sporting events in exchange for team owner Stephen Ross footing the bill for the renovations, the Miami Herald reported.
The deal would pay the Dolphins $4 million for a Super Bowl and $750,000 for an international soccer match. World Cup matches and college playoff games would also bring in millions.
"We feel there’s such a greater economic impact in our community from a Super Bowl, from a World Cup final, from a BCS final," Miami-Dade Mayor Carlos Gimenez's spokesman Michael Hernández told the Herald. "It benefits the community much more than the relatively small sum that is being paid out."
"I think we've ended up in a place that incentivizes the substantial investment that Steve Ross is willing to make, while at the same time only paying after value has been delivered to Miami-Dade County," Dolphins CEO Tom Garfinkel said in a statement.
The proposed deal is expected to be voted on next week.
