Miami Dolphins in Advanced Talks to Sell Minority Stake to Ares Management and Joe Tsai in $8.1 Billion Dealers

The Miami Dolphins are in advanced discussions to sell a minority stake in the franchise to private equity firm Ares Management and billionaire Joe Tsai, according to CNBC sources. This move reflects a growing trend among sports owners looking to expand their portfolios across multiple teams and stadium operations to maximize revenue.

The deal, which also includes Hard Rock Stadium, the rights to the Miami Grand Prix F1 race, and around 50% of the Miami Open, is valued at $8.1 billion, according to a source. If the sale involved controlling interest, the valuation would exceed $10 billion, the source added.

This transaction would be the NFL’s first private equity investment since the league changed its finance rules in August. The Dolphins, valued by CNBC as the NFL’s eighth most valuable team at $7.1 billion (excluding the stadium), would sell 10% to Ares Management, while Tsai, who owns the Brooklyn Nets, is negotiating to purchase a 3% stake.

No deal has been finalized, and there is no specific timeline for completion. The Dolphins and the NFL declined to comment, while Tsai’s company, BSE Global, has not responded.

Stephen Ross, who bought the Dolphins in 2009 for $1.1 billion, plans to use the proceeds from the sale to expand his South Florida real estate holdings and deepen his investments in sports. As the CEO of Related Companies, Ross is one of the few team owners who also controls the stadium, allowing him to profit from events like the Miami Grand Prix and the Miami Open.

The Dolphins generated $673 million in revenue in 2023. Ross reportedly turned down a $10 billion offer earlier this year for control of the team, the Grand Prix, and Hard Rock Stadium, citing a desire to keep the franchise in the family.