The Miami Dolphins have announced a major ownership shake-up, with billionaire owner Stephen Ross selling a 10% stake in the team to Ares Management funds and Brooklyn Nets owners Joe Tsai and Oliver Weisberg.
The deal, which was approved by NFL owners at a league meeting in Irving, Texas, sees Ross retain an 84.5% stake in the team, with Ares acquiring a 10% interest and Tsai and Weisberg holding a 3% stake.
Ross, 84, will remain as chairman of the Dolphins, with Bruce Beal Jr. continuing as vice chairman and partner. The deal is pending final closing of the agreements, which is expected to take place in the coming days.
The sale marks a significant shift in the ownership structure of the Dolphins, with Ross bringing in new investors to help drive the team’s growth and success. The deal is also a major coup for Ares Management, which has invested in several high-profile sports teams and events.
Ares Management is a global alternative investment manager with $464 billion in assets under management. The firm has invested in several sports teams and events, including Inter Miami CF, McLaren Racing, and Atletico de Madrid.
Joe Tsai, the billionaire owner of the Brooklyn Nets, has also invested in the Dolphins through his holding company J Tsai Sports. Tsai acquired a 49% stake in the Nets in 2017 and has since become a prominent figure in the sports world.
The deal is a significant vote of confidence in the Dolphins and the NFL, with Ross and his new investors committing to drive growth and innovation in the team and the league. The Dolphins have been one of the most successful teams in the NFL in recent years, with a loyal fan base and a strong brand.
The sale of the Dolphins stake is also a significant development for the NFL, which has seen several high-profile ownership changes in recent years. The league has been working to attract new investors and drive growth, and the Dolphins deal is a major success story.
The Dolphins will continue to be led by Ross, who has been instrumental in driving the team’s success. With the new investment from Ares Management and Tsai, the team is well-positioned for continued growth and success in the years to come.
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