Miami Dolphins majority owner Stephen Ross is looking to sell a percentage of the team to a private equity firm, according to a report from Andrew Ross Sorkin of the New York Times.
Per the report, Ross “is in talks with private equity firms, including Arctos Partners” to sell a stake with a valuation of the Dolphins at $7 billion. Last month, Forbes estimated the franchise to be worth $6.2 billion.
Just last month, the NFL changed its ownership rules to allow as much as 10 percent of a franchise to be owned by a private equity fund. While Ross is looking to offload as much as 15 percent of his stake, according to the New York Times, “wealthy individual partners would help private equity buyers exceed that cap.”
The stake would also reportedly include partial ownership of the Miami Grand Prix, the Formula One race, and Hard Rock Stadium.
What does that mean for the Dolphins? Not much. The team hasn’t been afraid to spend money and provide players with all the resources they need to be successful on the field. The addition of a private equity fund as a minority owner won’t change that.
It could mean that Ross has the capital to be able to bring more European soccer teams to play matches in South Florida, though.
[lawrence-auto-related count=3]