Stephen M. Ross has confirmed the sale of a portion of his stake in the Miami Dolphins and affiliated assets to new investors. This move sees Ares Management and Brooklyn Nets owners Joe Tsai and Oliver Weisberg joining as minority stakeholders.
As part of this deal, Ares Management will acquire a 10% stake, while Joe Tsai and Oliver Weisberg will have a combined 3% interest. The assets involved include the Miami Dolphins, Hard Rock Stadium, and the Formula 1 Crypto.com Miami Grand Prix, collectively valued at $8.1 billion. The sale was approved during the NFL league meeting on December 11, representing the league’s first private equity transaction.
Stephen M. Ross, who has been a transformative figure in South Florida sports, has led the Miami Dolphins since 2008. As the chairman and founder of The Related Companies, Ross has expanded his influence through real estate investments and modernization projects. Over the past 15 years, these initiatives have evolved Hard Rock Stadium into a global venue, hosting events such as Super Bowl LIV and the Formula 1 Miami Grand Prix.
According to Ross, the selection of Ares Management and Joe Tsai as partners align with his vision. Ares Management, known for its global investment portfolio, manages $464 billion in assets and makes its entry into NFL ownership through this deal. This adds to its existing sports investments in Inter Miami CF and McLaren Racing. Meanwhile, Joe Tsai, the co-founder of Alibaba Group and owner of Brooklyn Nets, brings a wealth of experience in managing high-profile sports and entertainment assets.
In a statement, Ross is enthusiastic about the new partnership, saying:
“As we continue our relentless pursuit of building a best-in-class organization, we were fortunate to attract significant interest from multiple investors, which gave us the opportunity to be highly selective in choosing partners who align with our core values and long-term vision.
“I couldn’t be happier to welcome Ares, Joe, and Ollie to our investment group. They each bring invaluable expertise to the table, with a shared commitment to innovation, growth and doing things first class. Together, with the resources from this transaction, we will prioritize continued investment into the Dolphins, additional sports assets and South Florida real estate to fuel dynamic growth and innovation in the region for years to come.”
Mark Affolter and Jim Miller from Ares Management echoed Ross’s sentiments:
“The Miami Dolphins represent an iconic franchise with a deeply engaged fanbase, and Ares is honored to invest alongside Joe and Ollie to support the team’s long-term strategic goals.
“Moreover, Steve has been the architect of an impressive ecosystem of sports, entertainment and real estate assets that underscores the sector’s significant potential for growth and value creation to the benefit of fans, local communities and financial stakeholders. We look forward to working with Steve to continue unlocking new and exciting opportunities ahead.”
Joe Tsai also expressed his excitement:
“I am privileged to have the opportunity to invest with Miami Dolphins owner Steve Ross, a world-class operator. He has an incredible collection of premier assets – the iconic Miami Dolphins franchise, state-of-the-art venue in Hard Rock Stadium, and a fantastic events business of global sports brands such as F1 Miami Grand Prix and the Miami Open.”
This transaction comes on the heels of recent changes in NFL ownership rules, which now permit institutional investors, like private equity firms, to take stakes in franchises. This policy shift aims to inject additional capital into the league and elevate team valuations. Stephen M. Ross had previously declined a $10 billion offer for full control.
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