Stephen Ross has paid $1.1 billion (€723 million) to become a Dolphin. The founder and chief executive officer of New York-based private real estate development firm Related Companies is the new partner of the Miami Dolphins American football franchise.
In a press conference announcing the deal, Dolphins owner Wayne Huizenga confirmed that Ross agreed to pay $1.1 billion for 50 percent ownership of the Miami Dolpins. The deal gives Ross 50 percent ownership of the Dolphins franchise, 50 percent of Dolphin Stadium, which has a seating capacity of 75,000, and 50 percent of the developable land surrounding the stadium—110 acres around the stadium.
Huizenga will retain 50 percent ownership of the Dolphins franchise.
“I’ve always been a great sports fan, a Dolphin fan, and I’ve always wanted to own an NFL team and to have this opportunity is kind of like a fantasy,” Ross, who grew up in Miami Beach, said at the press conference.
Earlier this year, Los Angeles-based private equity real estate firm Colony Capital, run by Tom Barrack, also ventured into the sporting arena taking a 62.5 percent stake in French football team Paris Saint-Germain. Colony purchased the additional 30 percent in struggling PSG from Butler Capital Partners, which retained 5 percent. Butler, a private equity firm, was part of the original trio of investors that bought the club in 2006. Colony and Morgan Stanley (which owns 33 percent), were the other original investors.