NFL's Miami Dolphins to Witness First Private-Equity Investment

Earlier this year, NFL changed its rules and permitted private-equity investments. Now, it appears this move is bearing fruit as the Miami Dolphins are reportedly on the verge of selling a stake to Ares Management. The deal, which is yet to be finalized, would thus represent the first private-equity investment in the league's history. Stephen Ross, a billionaire real-estate developer who owns 95% of the Dolphins, is purportedly nearing a deal to sell a 10% stake to Ares, and an additional 3% stake to fellow billionaire Joe Tsai, who already owns both the NBA's Brooklyn Nets and WNBA's New York Liberty. The deal with Ares is understood to include stakes in the Miami Dolphins, along with other assets, such as the Hard Rock Stadium where the Dolphins play their home games and the Miami Grand Prix, a Formula One race event. These assets have been valued collectively at $8.1 billion for the purpose of this negotiation. It should be noted that Ross rejected a $10 billion offer for his entire stake in these assets earlier this year, as reported by ESPN. Other negations with billionaire hedge fund manager Ken Griffin fell through last year because Griffin desired eventual majority ownership, a prospect Ross is not willing to entertain. Ross instead wishes to maintain control within his own family.