Ross sells 10% stake in Dolphins, Hard Rock Stadium
MIAMI GARDENS - Dolphins owner Stephen Ross on Wednesday sold a 10% stake in the Miami NFL franchise and other assets, including Hard Rock Stadium, to Ares Management funds and Brooklyn Nets owners.
NFL owners approved the minority, non-controlling interest sale at league meetings Wednesday in Irving, Texas. Ross, 84, will remain as chairman with an 84.5% stake.
Ares will acquire a 10%, while Nets owners Joe Tsai and Oliver Weisberg will hold a 3% interest, pending final closing of the agreements in a few days.
Terms were not announced.
In August, the NFL approved allowing private equity groups to own portions of the franchises.
Ross, a South Florida native, acquired half of the Miami Dolphins and Hard Rock Stadium in 2009 from Wayne Huizenga. He purchased 45% from Huizenga in 2020 for a total investment at that time of $1 billion.
He is the seventh-richest sports owner, according to Forbes.
With a net worth of $17 billion, the real estate developer is chairman of Related Companies. He formed a new real estate firm in West Palm Beach this year, Related Ross.
He has spearheaded and privately financed $755 million in improvements to Hard Rock Stadium in Miami Gardens.
The stadium in recent years hosted Super Bowl LIV in 2020, the Formula 1 Crypto.com Miami Grand Prix, the Miami Open tennis tournament and high-profile concerts like Taylor Swift's Eras Tour. Seven World Cup soccer games are also scheduled there in 2026.
The ownership stake includes the Formula One race.
"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 news release. "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."
Ares Management is a global alternative investment manager with $464 billion in assets under management.
Ares also has invested in Inter Miami CF, McLaren Racing and Atletico de Madrid.
"The Miami Dolphins represent an iconic franchise with a deeply engaged fanbase, and Ares is honored to invest alongside Joe and Ollie to support the team's long-term strategic goals," Mark Affolter and Jim Miller, co-heads Sports, Media & Entertainment at Ares, said.
Tsai bought 49% of the Nets in 2017 from Russian billionaire Mikhail Prokhorov. He then acquired the remaining stake in 2019, along with the Barclays Center arena, for $3.5 billion. Tsai also co-owns the WNBA champion New York Liberty.
Weisberg, the Chief Executive Officer of Blue Pool Ca, is a minority owner of the Nets. He is president of Tsai's holding company J Tsai Sports.
"I am privileged to have the opportunity to invest with Miami Dolphins owner Steve Ross, a world-class operator," Tsai said. "He has an incredible collection of premier assets – the iconic Miami Dolphins franchise, state-of-the-art venue in Hard Rock Stadium, and a fantastic events business of global sports brands such as F1 Miami Grand Prix and the Miami Open."
Bruce Beal Jr. will continue as vice chairman and partner of the Dolphins.
