Ross Sells Limited Interest in Dolphins

Owner Stephen Ross has sold part of the Miami Dolphins and related assets, but there will be no ramifications regarding the team because he will maintain control.

The NFL approved the sale at the owners meetings in Dallas on Wednesday to Ares Management Fund and Brooklyn Nets owners Joe Tsai and Oliver Weisberg. In addtion to the team, the transaction also involves Hard Rock Stadium and the Formula 1 Crypto.com Miami Grand Prix.

According to Andrew Brandt, author of the Sports Illustrated "Business of Football" column, Ross is selling 13% of the team. That includes the maximum allowable 10% to another pre-approved private equity firm, Ares Management. The other 3% will primarily go to Tsai, the owner of the NBA’s Brooklyn Nets and WNBA’s New York Liberty.

The move comes after the NFL earlier this year decided to allow its teams to pursue private equity funding, albeit only with pre-approved firms and only up to 10% of the franchise price. With a $7.1 billion valuation (per CNBC), Ross is generating roughly $900 million by liquidating 13 percent of the franchise value.

Ross bought the Dolphins in 2009 for $1.1 billion. He is almost making a full return on that investment by selling 13 percent.

“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,” Ross said in a statement. “I couldn’t be happier to welcome Ares, Joe, and Ollie to our investment group. They each bring invaluable expertise to the table, with a shared commitment to innovation, growth and doing things first class. 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.”

As indicated in the Dolphins' press release regarding the sale, the sale involves minority, non-controlling interest.

Bruce Beal Jr. will continue in his role as vice chairman and partner.