Hopes that Miami will be able to host a Formula 1 race in 2021 will stay alive for at least another "three to six months", according to local mayor Carlos Gimenez.

F1 has reached a deal in principle for a race at and near Hard Rock Stadium, but preparations hit an early snag when opposition groups made key blocking moves at the Miami-Dade commission.

Mayor Gimenez used his veto to block the opposition earlier in November.

And this week, an effort to override that veto failed as commissioners only voted 5 to 7.

"This race isn't until May of 2021," Gimenez told CBS Miami.

"Sustaining my veto buys three to six months so that we can at least get the parties that are involved together and we can continue to work toward a solution," he added.

Formula One Management as well as Hard Rock Stadium CEO Tom Garfinkel said in similarly-worded statements that they will now use the extra time to work "very hard to address community concerns in a meaningful way".