Miami Dolphins owner Stephen Ross is currently in negotiations to divest a minority share in the NFL team, Hard Rock Stadium, and the F1 Miami Grand Prix.
This week, reports circulated across the internet indicating that Ross is actively seeking to sell a minority share in the Dolphins, with radio host Andy Slater being the first to break the news.
SLATER SCOOP: Dolphins owner Stephen Ross is in talks to sell a minority stake in the team, Hard Rock Stadium, and F1 Miami to hedge-fund manager Ken Griffin, multiple sources tell me.
— Andy Slater (@AndySlater) November 21, 2023
The NFL is also aware, sources say.
Griffin is worth $35B, Forbes shows. pic.twitter.com/6j3trrrHX5
Multiple sources have pointed to billionaire hedge fund manager Ken Griffin as a potential purchaser, although there are allegedly other interested buyers ready to commit the substantial financial resources required to finalize the deal. It's worth noting that Ross initially acquired 95% ownership of the Dolphins in 2009 for $1.1 billion.
Forbes currently values Miami’s NFL franchise at $5.7 billion, with Hard Rock Stadium accounting for almost $1 billion of the team’s valuation. Meanwhile, Ross has a 15-year deal for the Formula One Miami Grand Prix, which is estimated to generate roughly $350 million to $500 million in income over the term of the contract.
It’s not known how much of the team Ross is currently shopping, but the minority stake is unlikely to include voting rights.
The “smart” money flowing into sports
Ken Griffin — founder of the hedge fund Citadel LLC — is reportedly worth $35 billion, making him the 38th richest person in the world. If Griffin does end up with a piece of the Dolphins, he would hardly be the first investment manager to have an ownership stake in a sports franchise.
Steve Cohen, the founder of SAC Capital Advisors, holds the majority ownership of MLB's New York Mets. Simultaneously, David Tepper, President of Appaloosa Management, owns the NFL's Carolina Panthers and MLS's Charlotte FC. In addition, hedge fund manager Robert Citrone and his wife possess a minority stake in the Pittsburgh Steelers.
Meanwhile, Private equity manager Josh Harris may own the most diverse sports portfolio. Harris is the principal owner of the NBA's Philadelphia 76ers, the NHL's New Jersey Devils, and the NFL's Washington Commanders. Harris is also a general partner of the Premier League’s Crystal Palace football club and even owns a minority stake in NASCAR’s Joe Gibbs Racing.
Legendary investor Warren Buffett is also jumping on the sports franchise bandwagon. Earlier this month, the founder and CEO of Berkshire Hathaway added stock in the Atlanta Braves to his storied portfolio.
It should come as no surprise that sports franchises are attracting more interest from the financial elite. After all, investing in appreciating assets is their forte.
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