Stephen Ross, owner of the Miami Dolphins, is nearing a deal to sell a minority stake in the team and related assets. The sale involves 10% of the Dolphins, Hard Rock Stadium, and the Miami Grand Prix to private equity firm Ares Management, as well as an additional 3% to Joe Tsai, owner of the Brooklyn Nets and the New York Liberty. This transaction, valued at $8.1 billion, is notable as it represents one of the first sales to a private equity firm following recent changes in NFL ownership rules, which now allow PE firms to buy up to 10% of NFL teams .
Ross, who purchased the Dolphins for $1.1 billion in 2009, rejected a $10 billion offer for full control of the assets and has expressed his intention to eventually pass the franchise to his daughters. Despite the sale, there will reportedly be no operational changes within the Dolphins, with Ross hoping to finalize the deal by the NFL’s December 2024 meetings .
Ross has faced public scrutiny in recent years, including a suspension in 2022 for tampering with Tom Brady and Sean Payton, as well as a discrimination lawsuit from former coach Brian Flores .
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