Stephen Ross is Looking to Sell 15% of Dolphins to Private Equity.
According to a New York Times article, Miami Dolphins owner Mr. Stephen Ross is looking to sell 15% of the team to private equity. Mr. Ross is talking to multiple private equity firms and individuals to sell 15% of the team at a $7 billion valuation. This sale is for a percentage of the team and a minority interest in the F1 Race and Hard Rock Stadium.
The 15% Mr. Ross is looking for roughly amounts to $1.05 billion. In 2009, he bought the entire franchise for $1 billion.
Earlier this year, in May, Safid Deen of USA Today reported that Stephen Ross was offered $10 billion for controlling interest in the Miami Dolphins, Hard Rock Stadium, and the F1 Miami Race. Mr. Ross declined the offer.
In November 2023, Andy Slater of FoxSports640 South Florida reported that Miami Dolphins owner Stephen Ross was in talks to sell a minority interest in the Dolphins (as well as Hard Rock Stadium) to hedge-fund manager Ken Griffin. Per Slater, the NFL is aware of this sale at this time. Griffin is worth an estimated $35 billion per Forbes.
There are unconfirmed reports that the reason all talks with Griffin over the years fell apart is because Ross didn’t want to surrender control of the franchise.
Mr. Ross reportedly wants to sell as much as 15 percent of the team. The new NFL Private Equity rule would cap the investment at 10 percent.
Per Front Office Sports: “In August, NFL owners voted to allow private equity funds to own up to 10% of an NFL team. To get his 15% sale approved, the Times reported Ross would add “wealthy individual partners” beyond the 10% allowed for a PE stake. Ross is reportedly talking to Arctos Partners, which also owns a minority stake in the Tampa Bay Lightning.”
The NY Times article states the Buffalo Bills, LA Chargers, and Philadelphia Eagles are also talking with private equity firms about selling them a minority interest. The article goes on to say the Chargers are in advanced talks with two different private equity firms.
Who is Ken Griffin?
For those who are unaware of Ken Griffin, here is a little background on him from the Citidal Securities website. Citadel Securities is a market-making firm, and Citadel is a Hedge fund; the two are separate entities.
Kenneth C. Griffin is the Founder, Chief Executive Officer, and Co-Chief Investment Officer of Citadel, one of the world’s leading alternative investment firms. Intrigued by finance, Ken began investing in 1986 as a freshman at Harvard. Four years later, he founded Citadel, driven by a focus on the combination of exceptional talent, advanced predictive analytics, and powerful software engineering. Today, the Citadel team of over 2,500 professionals is globally recognized as a market leader, investing on behalf of the world’s preeminent research institutions, universities, and healthcare organizations, with the mission of delivering superior long-term returns.
In 2002, Ken and his partners established Citadel Securities, now one of the leading global market makers. Serving more than 1,600 clients, including many of the largest sovereign wealth funds and central banks, Citadel Securities has delivered enormous benefits to investors around the world. Over the past two decades, through its trading, research, and technology, Citadel Securities has created more transparent, resilient, and competitive markets both in the U.S. and abroad. Ken is Non-Executive Chairman of Citadel Securities.
A passionate philanthropist, Ken is committed to strengthening humanity’s future by supporting initiatives that advance breakthroughs in science and medicine, and expand access and opportunity in education. His catalytic giving empowers students across our country to succeed and enables people to live longer and healthier lives.
Most recently, during the COVID-19 crisis, Ken took immediate action and mobilized partners across government, business, and healthcare to fund critical research. He played a key role in helping to safely return hundreds of Americans from Wuhan, China. Additionally, Ken’s thought leadership was instrumental in architecting Operation Warp Speed’s accelerated vaccine development strategies, which ultimately saved hundreds of thousands of lives.
As the pandemic engulfed America and schools were closing their doors, Ken enabled students to continue their learning by playing a leadership role in providing free high-speed broadband access to 400,000 low-income homes across Chicago and Miami. Championing his belief that a high-quality education is the on-ramp to the American Dream, Ken has funded transformative undergraduate scholarships to equip thousands of low-income and first-generation students with the skills and tools needed to succeed.
Ken holds an A.B. in Economics from Harvard College.
