Stephen Ross rejected huge offer to sell Dolphins

David Tepper bought the Panthers for a record $2.28 billion in 2018. The price to land an NFL franchise has skyrocketed since. The eventual Broncos cost (in 2022) more than doubled that Panthers number, while Josh Harris paid $6.05 billion for the Commanders last year.

A recent Dolphins development shows the prices will only go up. Stephen Ross is believed to have rejected an offer of $10 billion for control of the Dolphins, Hard Rock Stadium and the Miami Formula One race, according to USA Today’s Safid Deen. The Miami Herald’s Barry Jackson confirms Ross declined “an enormous offer” for controlling interest in the team.

This eye-popping number did not move Ross to sell, and it is unclear how much of that total was solely for the Dolphins. But the league moving toward 11-figure payments would be a notable development given where entry prices stood barely five years ago.

Ross, who has owned the Dolphins since 2009, rejected the offer, Deen notes, preferring to keep the franchise in the family. Any sale agreement would need to be approved by 24 NFL owners. It is not known who made this offer. Seeing as it took thorough vetting by the NFL to approve a complex Harris ownership bid for the Commanders, the structure of this Dolphins proposal would be rather important.

Deen adds that Ken Griffin, a hedge fund manager who has been in talks with Ross about buying a stake in the franchise, did not submit the $10 billion proposal. Griffin and Ross broke off talks recently, per Jackson. Griffin holds an estimated net worth of $35.4 billion; Ross’s net worth is viewed at $10.1 billion. Serena and Venus Williams join Fergie and Marc Anthony as Dolphins minority owners.

Ross, 83, bought the Dolphins for $1.1 billion. The nine-year gap between that purchase and Tepper’s compared with what has transpired since the Panthers sale illustrates the going rate for franchises. Forbes recently valued the Dolphins at $5.7 billion, though Jackson adds internal numbers place the team north of $6 billion.

Ross has been in the public eye for his ownership actions in recent years. This includes his 2022 suspension and the Dolphins losing first- and third-round picks for tampering with Tom Brady and Sean Payton. Ross firing Brian Flores in 2022 brought on a discrimination lawsuit that includes other teams — the class-action suit is ongoing — and an allegation from Flores that Ross offered money for losses during the 2019 season. The NFL did not punish Ross for tanking.

The Dolphins have not won a playoff game during Ross’ ownership tenure, and the 2019 rebuild effort came after the team developed a reputation for frivolous free agency spending. Jackson adds that Stephen Ross plans to give his daughter, Jennifer Ross, control of the team down the road.