MIAMI GARDENS, Fla. — The news from Bloomberg this week that New Jersey Nets owner Joe Tsai and a private equity firm are close to buying a percentage of the Miami Dolphins shouldn’t come as that big of a surprise.
Team chairman of the board Stephen Ross has long been seeking out investors in the Dolphins and their associated holdings (including the lucrative Formula One race) and apparently has found a match with Tsai and private equity firm Ares Management.
Ares will reportedly buy 10% of the franchise, which all-in is valued at $8.1 billion (including real estate) in the first private equity transaction since the NFL changed the rules to allow for it. Tsai, a Taiwanese-Canadian billionaire who cofounded the Alibaba Group, is in line to acquire 3%.
Will Stephen Ross Sell the Miami Dolphins?
What neither will have at any point, barring a significant change in plans? A controlling stake in the Dolphins.
That will remain in the family even after Ross, 84, dies, PFN has learned. Ross wants the team to go to daughters Jennifer and Kimberly.
That means that whenever the proposed partial sale goes through — and Ross reportedly hopes the cash infusion is approved by the end of the year — it will have no impact on the operation of the franchise.
If the deal goes through, Ross will get back nearly his entire initial investment into the franchise. He made two installments in 2008 and 2009 to buy the Dolphins from Wayne Huizenga for $1.1 billion.
Thanks to significant investments in the franchise’s Miami-Dade property, the F1 race, and the annual ATP/WTA tournament, plus massive league-wide appreciation in franchise values, Ross has seen his net worth skyrocket in the 15 years since.
Ross is now worth somewhere between $12 billion and $17 billion, depending on the valuation publication. Forbes ranks Ross the world’s 115th richest person.
Tsai, 60, has owned the Nets since 2019. He was part of an investment group that unsuccessfully attempted to buy the Carolina Panthers in 2018.
