ONLINE Reports! Stephen Ross Turns Down $10 Billion Bid For Dolphins, Stadium, and F1 Race
According to USA Today, Miami Dolphins owner Stephen Ross declined a $10 billion deal to take over the team, Hard Rock Stadium, and the Formula One Miami Grand Prix.
He had talks with billionaire Ken Griffin about a deal, but they were unable to agree. The story claims that Ross desires to maintain authority over the three businesses in his family.
The Dolphins have the 11th-highest valuation in the league at $5.7 billion. The value is increased by both the stadium and the Formula One event.
For $550 million in 2008, the 83-year-old acquired 50% of the Dolphins team along with the stadium and surrounding property. 2009 saw him buy an additional 45% for a $1 billion total stake.
Even though it was rejected, the bid, which exceeded the Washington Commanders deal, which sold for $6.05 billion in 2023, might significantly affect the cost of control for shareholders in the future.
With a seating capacity of around 65,000, the stadium underwent renovations in 2015 and 2016, and in 2021, a training facility was built. They turned their parking lot into a racetrack, which has increased the stadium’s worth and generated revenue for the Florida region in addition to contributing to the expansion of Formula One.
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The venue’s additions and modifications appear to have made a prospective purchase more alluring. To host major events like the World Cup and the Super Bowl, Ross has put over $1 billion into the facility.
Founder of SportsCorp Ltd. and adviser to sports teams, Marc Ganis referred to the Dolphins’ innovations as “one of the great sports business success stories of the last decade.”
“I put the Dolphins’ entire operation, not just the team, in the Top 5 in the NFL,” Ganis stated. “It’s the transformation of the entire operation to arguably the most successful, diversified, regional sports entertainment operation in the country – and by the way, let me just say – and globally in the world.”
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