Miami Dolphins owner Stephen Ross says offers for – Business News
Miami Dolphins owner Stephen Ross mentioned he has acquired offers of almost $15 billion for the NFL franchise as sports activities groups skyrocket in price due to their helpful media rights.
“I don’t think there’s a better asset,” Ross, 85, mentioned Wednesday during a Bloomberg interview in Palm Beach, Fla. “I know what I’ve been offered. Numbers you wouldn’t believe.”
The offers cited by the billionaire real estate and sports activities magnate mark a enormous leap from the $1 billion he paid for the Dolphins — plus their stadium and surrounding developable land — in 2008 and 2009.
Miami Dolphins owner Stephen Ross mentioned he has acquired offers of almost $15 billion for the NFL franchise. AP
The $15 billion sum is roughly twice the quantity of the staff’s most up-to-date valuation, from final summer season, and can be the sale of a sports activities staff in historical past, beating out final 12 months’s $10 billion Los Angeles Lakers deal.
It was not clear whether or not the eight-figure offers would come with the stadium and surrounding real estate along with the staff.
Still, Ross mentioned he isn’t desirous about promoting, remarking, “Where would you put the money?”
Ross – who based real estate firm Related Cos. and is value $15.1 billion, in response to Bloomberg’s Billionaires Index – mentioned he’s planning to keep the staff within the household, ultimately passing possession to his son-in-law Daniel Silliman.
The mogul mentioned he believes valuations for NFL groups – together with the Dolphins, which haven’t received a Super Bowl since 1974 – will solely keep climbing larger as networks and streaming companies like Netflix battle it out for their helpful media rights.
In 2024, Ross offered a 13% stake within the Dolphins and different belongings, together with Hard Rock Stadium and F1’s Miami Grand Prix, at a roughly $8 billion valuation – making him among the many first to sell a stake in an NFL staff to personal equity corporations.
Ross defined he wished to raise capital for alternatives in Florida, which he views as the following massive finance and tech hub. He argued the state’s pro-business tax insurance policies might draw Californians to modify coasts.
Ross mentioned he believes valuations for NFL groups – together with the Dolphins – will solely keep climbing larger. Getty Images
“The venture capitalists kind of want to get out of California because of the restrictions that are there, the taxes, the cost of doing business there, the cost of living there – this is what’s really opened up opportunities for other states,” Ross informed Bloomberg.
Ross, who lives in Palm Beach and has ramped up his investments in South Florida properties, referred to as it “one of the best places in America today, if not the best, to really do business.”
The real estate developer wouldn’t touch upon the staff’s search for the twelfth full-time head coach in Dolphins historical past, after firing Mike McDaniel earlier this month after 4 seasons within the position.
The Dolphins completed the season this 12 months with seven wins and 10 losses.
