Dolphins owner turns down massive offer for control of team

Miami Dolphins owner Stephen Ross Kirby Lee-USA TODAY Sports

Dolphins owner turns down multibillion-dollar offer for control of team

By Michael Gallagher | Last updated 5/2/24

Miami Dolphins owner Stephen Ross recently got an offer that most would have a hard time turning down.

Ross reportedly passed on a $10 billion offer for control of the Dolphins, Hard Rock Stadium and the Formula One Miami Grand Prix from billionaire Ken Griffin, the CEO of multinational hedge fund Citadel LLC, according to USA Today. The outlet notes that the 83-year-old owner would prefer to keep the properties in his family. A person close to Griffin denied that such an offer was made.

The Dolphins are valued at $5.7 billion, the 11th-highest valuation in the NFL, per Forbes, which also estimates the Miami Grand Prix brings in an estimated $350 million to $500 million in operating income thanks to its 15-year deal with Formula 1.

Ross had reportedly started shopping a stake in the aforementioned three properties back in November and was allegedly seeking more than $6 billion for the minority stake in all three enterprises.

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 paid a reported $1.1 billion between 2008 and 2009 for the Dolphins, Hard Rock stadium and the surrounding real estate from former owner Wayne Huizenga.

Since then, he’s invested over another billion dollars into the team and the 65,326-seat stadium with renovations in both 2015 and 2016 to better accommodate the venue for hosting large-scale events such as the Super Bowl and the World Cup.

Ross also invested another $135 million in a new 125,000-square foot training facility in 2021 complete with a 92,000-square foot indoor field and two grass practice fields.

More must-reads: