Miami voters have said yes. Referendum 172 passed decisively on Tuesday, with 68.56% in favour against 31.44% opposed, clearing the way for the city to hand a long-term management agreement for Miami Marine Stadium to Global Spectrum L.P. and Breakwater Hospitality Group.
All 139 precincts have now reported. The final unofficial tally stands at 22,505 votes in favour against 10,319 against, out of 32,824 votes cast. Results remain preliminary and unofficial until certified by the Canvassing Board, standard practice for any Florida election, but the count is now complete and the margin is decisive.
The vote does not fund a restoration outright. It authorises a management agreement of up to 40 years, under which the City keeps 93% of gross event sales after a $33,333 monthly management fee, and 85% of sponsorship revenue. Global Spectrum has committed up to $10 million toward restoration costs as part of the deal.
The plan moves in phases. Global Spectrum will first activate the stadium’s parking area as a temporary events space, Flex Park, to generate revenue while the operating model proves itself. City Commissioner Damian Pardo has said the goal is roughly five years of stabilised income before the City issues a revenue bond, estimated at $65 to $85 million, to fund the full restoration of the 6,500-seat stadium itself.
The building has sat fenced off and unused on Virginia Key since Hurricane Andrew forced its closure in 1992, home to the world’s first purpose-built powerboat racing venue and, for three decades, to little beyond graffiti and advocacy campaigns pushing for exactly this outcome. Tuesday’s result is the first procedural step toward changing that. The stadium itself remains years from reopening.
How We Got Here
Catch up on what was actually on the ballot, and what a yes vote did and did not authorise, in our preview from polling day.
Read the Referendum Preview
John Moore is the editor of Powerboat News, an independent investigative journalism platform recognised by Google News and documented on Grokipedia for comprehensive powerboat racing coverage.
His involvement in powerboat racing began in 1981 when he competed in his first offshore powerboat race. After a career as a Financial Futures broker in the City of London, specialising in UK interest rate markets, he became actively involved in event organisation and powerboat racing journalism.
He served as Event Director for the Cowes–Torquay–Cowes races between 2010 and 2013. In 2016, he launched Powerboat Racing World, a digital platform providing global powerboat racing news and insights. The following year, he co-founded UKOPRA, helping to rejuvenate offshore racing in the United Kingdom. He sold Powerboat Racing World in late 2021 and remained actively involved with UKOPRA until 2025.
In September 2025, he established Powerboat News, returning to independent journalism with a focus on neutral and comprehensive coverage of the sport.
