(This story was updated to add new information.)
Miami Dolphins owner Stephen Ross is in advanced talks for a limited stake in the NFL franchise, Hard Rock Stadium and the F1 Miami Grand Prix with private equity firm Ares Management and Joseph Tsai , a Taiwanese-Canadian billionaire, according to Bloomberg News.
According to Bloomberg, Ares would buy a 10 percent stake in the properties as part of the deal and Tsai would buy 3 percent through Blue Pool Capital, his family office. The value of the deal is reportedly $8.1 billion.
Ross, 84, who lives in West Palm Beach and has extensive holdings in Palm Beach County, has been attempting to sell a stake in the Dolphins . He had been in negotiations with Ken Griffin , Citadel founder and CEO, and Boca Raton High School graduate, earlier this year for a $10 billion stake in the franchise, stadium and F1 race, but those talks collapsed in April.
Ross previously has stated that he intends to leave his share of the Dolphins to his daughters, Jennifer and Kimberly.
According to CNBC, the Dallas Cowboys remain the NFL's highest valued franchise at $11 billion. If the Dolphins deal goes through, they would move to second on that list ahead of the Los Angeles Rams ($8 billion), New England Patriots ($7.9 billion), New York Giants ($7.85 billion) and Las Vegas Raiders ($7.8 billion). Of course, the Dolphins' value also includes their stadium and the F1 race.
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In July, Ross announced he was stepping down as chairman of Related Cos. of New York to lead his own development firm and focus his attention on the burgeoning South Florida market.
Tsai, co-founder and chairman of the Alibaba Group, a Chinese multinational technology company, also owns the Brooklyn Nets, New York Liberty, San Diego Seals, Las Vegas Desert Dogs as well as Brooklyn's Barclays Center. According to Forbes' 2024 Billionaire List, his net worth is estimated at $9.8 billion.
NFL recently changed ownership rules to allow certain investors
One of the reasons for Ross and other owners to be seeking deals with limited partners is that the NFL recently changed its ownership rules to allow institutional investors, seeking to attract billions in capital and boosting ever-surging team valuations. This would be the league's first private equity transaction - if the deal goes through. Ross reportedly would seek NFL owners' approval at a December meeting.
Before the season started, Ross said the Dolphins were "certainly a contender for the Super Bowl" if they stayed healthy. Unfortunately for Miami, which has started 1-3, quarterback Tua Tagovailoa suffered a concussion the second week of the season and edge rusher Jaelan Phillips is out for the season following a knee injury.
This article originally appeared on Palm Beach Post: Miami Dolphins owner Stephen Ross in talks to sell stake in team, stadium for $8.1 billion
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