Wednesday, May 29, 2024

Dolphins owner Stephen Ross turns down $10 billion offer for control of team, stadium and F1 race, per report

Miami Dolphins owner Stephen Ross has turned down a $10 billion offer for control of the franchise, Hard Rock Stadium, and the Formula One Miami Grand Prix, according to USA Today. He discussed a deal with billionaire Ken Griffin, but the two sides could not finalize a deal. Ross wants to keep control of the three entities in his family, the report states. 

The Dolphins are valued at $5.7 billion, the 11th highest in the league. The stadium, as well as the Formula One race, adds to the value. 

The 83-year-old purchased 50% of the Dolphins franchise, as well as the stadium and surrounding land, back in 2008 for $550 million. In 2009, he purchased another 45%, with a total investment of $1 billion. 

The offer was larger than the Washington Commanders sale, which went for $6.05 billion in 2023, and even though it was not accepted, it could still have a major impact on the price of control for owners in the future. 

The stadium, with a capacity of more than 65,000, was renovated in 2015 and 2016 and added a training facility in 2021. They transformed their parking lot into a racetrack, which has not only brought value to the stadium and money to the area of Florida, but also helped grow F1. 

The changes and added events of the venue seem to have increased the appeal of a potential purchase. Ross has invested over $1 billion into the property in order to host big events, including the Super Bowl and the World Cup.

SportsCorp Ltd. founder Marc Ganis, a consultant who has worked with sports teams, called the Dolphins innovations “one of the great sports business success stories of the last decade.”

“I put the Dolphins’ entire operation, not just the team, in the Top 5 in the NFL,” Ganis said. “It’s the transformation of the entire operation to arguably the most successful, diversified, regional sports entertainment operation in the country – and by the way, let me just say – and globally in the world.”

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