Miami Dolphins principal owner Stephen Ross has agreed to sell another minority stake in the team and its affiliated businesses, in a deal first reported by Sports Business Journal on Friday.
Ross will sell 2.1 per cent of the Dolphins, along with pieces of Hard Rock Stadium, the Formula 1 Miami Grand Prix held at the stadium and the organization's interest in the Miami Open tennis event, to Chilean billionaire financier Jean Eric Salata, at a valuation slightly above $12.5 billion.
Salata, 60, founded Baring Private Equity Asia in Hong Kong; the firm was acquired in 2022 by Swedish investment giant EQT, which he now chairs. The sale continues a series of Ross transactions dating to December 2024, when he sold 10 per cent to Ares Management and a combined 3 per cent to Brooklyn Nets owner Joe Tsai and Oliver Weisberg at an $8.1 billion valuation. In March, Ross sold 1 per cent to Xiaomi co-founder Lin Bin at a $12.5 billion valuation.
The NFL's finance committee approved the latest transaction last month, and league owners are expected to formally approve it at their meeting next week in New York. The team's standalone enterprise value is estimated at about $10.59 billion on public valuations compiled by SBJ research.
