Jason La Canfora of CBS Sports reports that NFL owners have approved a succession plan that would give New York businessman Bruce Beal Jr., the first opportunity to purchase the Miami Dolphins from current owner Stephen Ross, should he pass away or look to sell the team.
According to La Canfora, the arrangement was proposed at the recent NFL owners meeting and was ultimately passed.
La Canfora mentions that the NFL typically does not announce these types of arrangements. However, Ross reportedly wanted to be proactive in his approach to finding someone to take over the team at some point.
In regards to Beal Jr., he’s the president and general partner of Related Companies, a New York-based real estate. La Canfora writes that Beal Jr. has spent much of his life in construction and real estate.
Ross, 75, initially purchased 50 percent the team and the surrounding land from long-time owner Wayne Huizenga back in February 2008 for $550 million. It wasn’t until the following year that Ross secure an additional 45 percent of the team from Huizenga, bringing his total investment to $1.1 billion.
Since his initial purchase, the Dolphins are 60-68 (46.88 percent), including one playoff appearance.