Sep 13, 2024
A piece of the Miami Dolphins is for sale—again.
After failing to sell a stake to billionaire Ken Griffin in April, team owner Stephen Ross is trying to take advantage of the NFL’s new private equity rules and offload a stake in the team, The New York Times reported.
Ross had previously been seeking to sell as much as 15% of the team. Talks with Griffin fell apart over Ross’s desire to keep control of the franchise.
The deal would include partial ownership of the Formula One Miami Grand Prix, and Hard Rock Stadium, where the Dolphins play.
In August, NFL owners voted to allow private equity funds to own up to 10% of an NFL team. To get his 15% sale approved, The Times reported that Ross would add “wealthy individual partners” beyond the 10% allowed for a PE stake. Ross is reportedly talking to Arctos Partners, which also owns a minority stake in the Tampa Bay Lightning.
The stake could see the Dolphins valued at over $7 billion, higher than their Forbes valuation but around their CNBC figure. Though NFL values can be muddy, that would rank the franchise as among the most valuable in the league.
The Dolphins and Arctos did not immediately respond to requests for comment.
Source: Front Office Sports