Miami city officials are reviewing a crucial deal. It concerns the historic Miami Marine Stadium. This landmark venue has been vacant for decades. Commissioners met on February 12, 2026, to discuss the proposal. A five-year agreement is on the table. Global Spectrum L.P. is the proposed operator. They will manage the stadium and adjacent areas. This includes the Virginia Key Center and Flex Park.
A longer-term vision also requires voter approval. A ballot question will go before residents. This will happen in a special election on August 18, 2026. Voters will decide on a contract of up to 40 years. This agreement aims to finally establish a management structure. It will also outline a financial framework. This is vital for restoration and programming.
A Long Road to Revival
The Miami Marine Stadium has a storied past. It opened in 1963. It was the first U.S. stadium built for powerboat racing. The iconic concrete structure hosted many events. It saw concerts, water shows, and more. However, Hurricane Andrew severely damaged it in 1992. The stadium then closed its doors. It has remained shuttered for over three decades. Various redevelopment plans have surfaced. Still, these efforts repeatedly stalled. The city has sought a permanent operator for years. This new proposal marks a significant step forward.
The Proposed Management Agreement
The city wants to reactivate the stadium. Global Spectrum L.P. is set to manage operations. They will oversee programming and maintenance. They will also handle event operations. This includes concerts and community activities. The initial agreement is for five years. This allows operations to start quickly. It also precedes voter approval for the long-term deal. City rules limit waterfront management contracts. They generally cap them at five years. Longer terms need voter consent.
Financial Framework for Restoration
The proposed long-term contract details a financial structure. The city stands to receive 93% of event profits. This is after deducting a $33,333 monthly management fee. Sponsorship revenues will also be shared. The city gets 85% of these funds. Global Spectrum will receive a base management fee. They will also get incentive fees. These are based on event sales, food, and beverage sales. Sponsorship revenue also plays a part. Additionally, the operator must contribute up to $10 million. This is for the stadium’s restoration. This financial model aims for sustainability. However, further funding may be needed for full restoration.
Past Setbacks and Legal Scrutiny
This deal faced prior delays. A vote was scheduled in September 2025. It was postponed due to a lack of quorum. Another major issue emerged then. Tim Leiweke, former CEO of Global Spectrum’s parent company, Oak View Group (OVG), faced indictment. The Department of Justice alleged bid-rigging in Texas. Prosecutors claimed he rigged a bid for an arena contract. This indictment caused significant concern. The city manager was unaware of it until late 2025. The charges against Leiweke were later sealed. They were dismissed after his company paid penalties. Leiweke denied wrongdoing and stepped down as CEO. This situation temporarily derailed plans. It highlighted the need for thorough vetting.
The Operator: Global Spectrum and OVG
Global Spectrum L.P. is now part of Oak View Group (OVG). OVG is a major player in venue management. They operate facilities across North America. Global Spectrum itself has a long history. It has managed venues for decades. OVG rebranded its venue management division as OVG360. This entity will likely oversee the Miami Marine Stadium. The company has experience managing convention centers too. They managed the Miami Beach Convention Center for years. This background suggests operational expertise. However, the past legal issues require attention.
Looking Ahead: August Referendum
The city charter mandates voter approval. This is for contracts exceeding five years. Therefore, the long-term deal goes to the public. The special election is set for August 18, 2026. This date aligns with other local elections. If voters approve the referendum, the 40-year contract can proceed. This marks a critical juncture. It offers a chance to revitalize a Miami icon. It could bring new life to Virginia Key. The outcome will shape the site’s future. This headline news is a trending topic in Miami. Residents await the final decision. The stadium’s restoration is a key piece of news for the city.
