According to a report from Safid Deen of USA Today, Dolphins owner Stephen Ross was considering selling the team and other assets like Hard Rock Stadium and the Formula 1 Miami Grand Prix for $10 billion.
Deen says Ross ultimately rejected the enormous offer, wanting to keep the team and other assets in his family. Barry Jackson says at this time Ross intends to leave the team to his daughter Jennifer Ross, barring a change of plans.
Hedge fund manager Ken Griffin was in talks last year after Ross announced he was looking to sell a minority stake in the team.
While sources denied to Deen that Griffin offered $10 billion, others told Jackson he was the only potential single investor with that kind of purchasing power. Griffin is worth around $36 billion. Both reported the deal is currently dead.
That $10 billion offer would have also included controlling rights for both the Dolphins’ stadium, which hosts a plethora of major events, and for the F1 race which is a tentpole event of one of the fastest-growing sports in the world right now.
Jackson says the Dolphins are valued at about $5.7 billion right now but Ross believes that number should be at least $6 billion and this offer could indicate that value could be even higher, as NFL franchises continue to explode in value.
The Denver Broncos ($4.65 billion) and Washington Commanders ($6.05 billion) have been sold in the past couple of years. Something to watch going forward is whether any owners take the opportunity to cash out with a platinum parachute, as well as the potential for private equity funds to become viable buyers as fewer individuals possess the wealth necessary to afford buying a team.
We’ll have more on Stephen Ross and Dolphins ownership as the news is available.
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