Developer Stephen Ross is renowned in real estate for high-profile projects around the country and in sports for his ownership of the Miami Dolphins.

Now he is looking to make a name for himself in a new niche: drone racing.

RSE Ventures, a venture-capital firm co-founded by Mr. Ross, is providing $1 million to the first round of funding for the Drone Racing League, a New York startup that is planning its first public race later this year. The League intends to make money through sponsorships, media and ticket sales.

Over the years numerous spectator sports have enjoyed splashy debuts and harbored hopes of becoming mainstream, from roller derby to arena football. After the initial buzz faded, interest in the sports often has petered out.