From CNBC: 2024-10-03 12:27:53

The Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai for $8.1 billion, including Hard Rock Stadium and Miami Grand Prix F1 race. A potential deal would mark the first private equity investment in the NFL. Joe Tsai is in talks to buy 3% of the team and would use the funds to expand his real estate portfolio in South Florida and further invest in sports. Businessman Stephen Ross, CEO of Related Companies, is just one of the few team owners that also owns and operates the team’s stadium, allowing him to host events like Miami Grand Prix and Miami Open. The Dolphins made $673 million in revenue in 2023 and Ross previously turned down a $10 billion offer for control of the team, Formula One Miami Grand Prix, and Hard Rock Stadium. In August, NFL owners approved select private equity firms to invest up to a 10% stake in teams, with Ares being one of the approved groups. Joe Tsai already owns several sports teams and operates the Barclays Center.



Read more at CNBC: Miami Dolphins weigh selling stake to Ares Management, Joe Tsai