Miami Dolphins owner Stephen Ross sells 10 percent of franchise
Miami Dolphins owner Stephen Ross sold 10 percent of the South Florida’s NFL franchise he has owned for 17 seasons, the team’s stadium and the events held at it to investment group Ares Management funds (Ares), and Brooklyn Nets owners Joe Tsai and Oliver Weisberg.
The transaction, which has long been speculated about, includes the Formula 1 Crypto.com Miami Grand Prix race and the Miami Open tennis tournament, two of the major sporting events Ross’ sports holding (RSE Ventures) hosts.
Tsai and Weisberg together will hold a 3% percent stake, pending final closing of the agreements. The minority, non-controlling interest sale was approved by the NFL at the league meeting on Wednesday.
This is Tsai’s fourth sports team he had bought shares into since he’s also a part owner of the Nets, the New York Liberty, the WNBA team that won the league’s last championship, and the San Diego Seals, which is in the National Lacrosse League.
Tsai, a Taiwanese-Canadian billionaire, has an estimated net worth of $8.1 billion.
Weisberg is the Chief Executive Officer of Blue Pool Capital, a multistrategy investment firm based in Hong Kong. Weisberg is an Alternate Governor of the Nets and Liberty, and Vice Chairman of BSE Global.
USA Today has reported Ross has turned down offers to purchase the Dolphins, Hard Rock Stadium, and the FS1 interest for $10 billion, and Dolphins CEO Tom Garfinkel has confirmed that, claiming that Ross’ sports holdings are worth more.
This recent introduction of investors shouldn’t change the day-to-day operation of the Dolphins, which own a 6-7 record heading into Sunday’s critical road game against the Houston Texans. The Dolphins need to win Sunday’s game to remain in the hunt for the final AFC wild card spot.
“As we continue our relentless pursuit of building a best-in-class organization, we were fortunate to attract significant interest from multiple investors, which gave us the opportunity to be highly selective in choosing partners who align with our core values and long-term vision,” said Ross, who bought the Dolphins’ franchise and stadium for $1.1 billion in 2008, and has spent nearly $1 billion of his own money enhancing the stadium grounds for F1 racing, tennis and major events. “Together, with the resources from this transaction, we will prioritize continued investment into the Dolphins, additional sports assets and South Florida real estate to fuel dynamic growth and innovation in the region for years to come.”
Bruce Beal, Jr. will continue in his role as vice chairman and partner. However, Ross plans to pass on ownership of the team to his daughters, Jennifer Ross and Kimberly Ross, when the 84-year-old eventually steps down, essentially making them heirs to the franchise.
This story was originally published December 11, 2024 at 12:13 PM.
