Major League Baseball (MLB) franchise the Florida Marlins will join the ranks of teams with a baseball-only stadium after agreeing terms with local authorities on the building of a US$634 million ballpark. Local authorities have agreed to pay 'a majority of construction costs' for the 37,000-seat stadium, which will feature a retractable roof and be built in Miami's Little Havana neighbourhood.

The two-time World Series champions have shared a home with the Miami Dolphins, the city's NFL franchise, since entering the MLB in 1992. The Marlins' current lease at Dolphin Stadium runs until 2010. Negotiations will now begin on an extension, with the Marlins' new stadium unlikely to be completed until 2012. Stephen M. Ross, the New York-based real estate developer, spent US$1 billion to add 45 per cent to his stake in the Miami Dolphins and secure 95 per cent ownership of both the team and their ground, Dolphin Stadium, earlier this year.

"Miami is really a great place to live," said Marlins owner Jeffrey Loria. "You need a baseball team not to leave. It's now resolved."

Loria is the third Marlins owners to fight for a baseball-only stadium since the franchise won its first title in 1997. The Marlins also won the World Series in 2003.