A Miami Marine Stadium management deal is back before city officials, with a five-year contract proposed for Global Spectrum L.P. and a possible August referendum asking voters to approve a 40-year term, giving the city 93% of event profits and $10 million for restoration. Miami commissioners today (2/12) are to discuss two related items: a five-year agreement with Global Spectrum L.P. to manage the Marine Stadium, Virginia Key Center and Flex Park, and a ballot question that would allow voters to approve a contract of up to 40 years. Together, the measures would create a management structure for a site that has lacked a dedicated operator for decades and outline the financial framework for restoring and programming the historic stadium. Miami has sought a permanent operator for Marine Stadium for more than 30 years. Built in 1963 as the first U.S. stadium designed for powerboat racing, the venue closed after Hurricane Andrew in 1992. Over the decades, the city has explored multiple proposals to restore and reactivate it, but efforts have repeatedly stalled. Under the proposal, Global Spectrum would operate the stadium, the adjacent Virginia Key Center and Flex Park under a five-year management agreement while negotiating the long-term contract. The company would oversee programming, maintenance and event operations, including concerts, performances and community activities. The proposal also anticipates up to three ten-year renewal options, potentially extending the contract to 40 years, subject to voter approval. Financially, the referendum lays out a detailed revenue structure. The city would receive 93% of gross event sales after deducting a $33,333 monthly management fee; 85% of sponsorship revenues, and up to $10 million in capital contributions toward restoration. Global Spectrum would collect a base management fee and incentive fees, including 7% of gross event and food and beverage sales and 15% of sponsorship and premium seating revenue. The five-year agreement would allow the city to begin operations while seeking voter approval for the longer-term arrangement required under the city charter. City rules limit waterfront management agreements to five years unless voters approve a longer term. If approved, the question would go to voters in the Aug. 18 City of Miami special election. The proposal revives plans with Global Spectrum that were scheduled to come before the commission in September 2025 but were delayed. That meeting was intended to allow commissioners to approve a ballot question sending the long-term deal to voters in November, but the session was canceled due to a lack of quorum, with only two of five commissioners present. At the time, news reports also noted legal issues involving Tim Leiweke, the former CEO of Oak View Group, Global Spectrum’s parent company, who was indicted by a federal grand jury in July 2025 alleging conspiracy to rig the bidding process at an arena at the University of Texas. He later stepped down, and the company has reorganized its leadership. If commissioners approve the items this week, the referendum would go to voters in August, setting the stage for long-term activation of the Marine Stadium. The post Deal to run Miami Marine Stadium sails to city appeared first on Miami Today. ...read more read less