Stephen Ross, the owner of the Miami Dolphins, recently received an offer that most would find difficult to reject.
According to USA Today, Ross declined billionaire Ken Griffin’s $10 billion offer for control of the Dolphins, Hard Rock Stadium, and the Formula One Miami Grand Prix. Griffin is the CEO of multinational hedge company Citadel LLC. According to the publication, the 83-year-old owner prefers to keep the houses within his family.
According to Forbes, the Dolphins are valued at $5.7 billion, the 11th-highest in the NFL, while the Miami Grand Prix generates an estimated $350 million to $500 million in operating income as a result of its 15-year arrangement with Formula 1.
Ross reportedly began shopping for a share in the aforementioned three properties in November, asking more than $6 billion for a minority stake in all three.
Stephen Ross, The Related Cos. founder, best known as the mastermind behind New York’s Hudson Yards complex, is going all-in on West Palm—and South Florida—as a new power center. https://t.co/NysMPbn4Dg pic.twitter.com/5n7ErX8W1g
— FORTUNE (@FortuneMagazine) May 1, 2024
Ross purchased the Dolphins, Hard Rock Stadium, and associated real estate from prior owner Wayne Huizenga for an estimated $1.1 billion between 2008 and 2009.
Since then, he has invested almost another billion dollars on the team and the 65,326-seat stadium, which underwent renovations in 2015 and 2016 to better accommodate large-scale events like the Super Bowl and the World Cup.
Ross also spent an additional $135 million on a new 125,000-square-foot training facility in 2021, which includes a 92,000-square-foot indoor field and two grass practice fields.
