BUSINESS OF SPORTS

Forbes: Miami Dolphins not gaining in value

 

Forbes released its annual estimate of the finances of NFL teams. The numbers offer another measure of a disappointing 2012 season for the Miami Dolphins.

After failing to win a tax-financed stadium deal, the Dolphins saw only a 1 percent gain in their franchise’s value of $1 billion, according to Forbes. That was tied with two other teams for the second-worst appreciation rate in the league, and far behind the No. 1 finisher of St. Louis, with a 12 percent gain. Forbes estimated the Dolphins’ overall value at $1.074 billion, the 16th best in a league of 32 teams and roughly the same as what owner Stephen Ross paid for the team ($1.1 billion) in 2009. With the Dolphins and related entities owing about $380 million to lenders, Forbes has the franchise carrying the third largest debt load in the NFL — about 36 cents of debt for every one dollar of value.

On the upside, Forbes said the Dolphins posted a $25 million operating profit last season, a 71 percent increase from 2011’s estimate of $14.5 million.

DOUGLAS HANKS

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