Stephen Ross Sells Dolphins Stake at Record $12.5B+ Valuation

Stephen Ross Sells Dolphins Stake at Record $12.5B+ Valuation

Miami Dolphins owner Stephen Ross continues to make headlines off the field, and his latest business deal has set another NFL record.

According to a report from Ben Fischer of Sports Business Journal, Ross has agreed to sell a 2.1% ownership stake in the Miami Dolphins and their affiliated businesses to Chilean billionaire Jean Eric Salata. The deal values the organization at slightly more than $12.5 billion, setting a new record for a minority ownership stake in an NFL franchise.

Mike Florio of NBC Sports’ Pro Football Talk also reported on the transaction Friday, highlighting the remarkable prices investors are willing to pay for small pieces of NFL franchises, even without gaining controlling ownership.

The newest investor is Jean Eric Salata, a 60-year-old billionaire financier whose net worth is estimated at approximately $8.4 billion, according to Forbes.

Salata chairs Swedish investment firm EQT AB, which acquired Baring Private Equity Asia, the firm he founded in Hong Kong, in 2022.

Although born in Chile, Salata has strong connections to the United States. His family moved to Erie, Pennsylvania, when he was five, and he later graduated from the University of Pennsylvania before working for Bain & Company in Boston.

Salata’s investment is not limited to the Dolphins football franchise. The transaction also includes minority interests in several major properties associated with Ross’ sports and entertainment empire.

Those assets include Hard Rock Stadium, the Formula 1 Miami Grand Prix, and the organization’s interest in the Miami Open tennis tournament.

This distinction matters because the reported valuation reflects more than just the Miami Dolphins football team.

The latest transaction is another example of the Dolphins organization’s extraordinary growth in value.

In December 2024, Ross sold a 10% stake to Ares Management and a combined 3% stake to Brooklyn Nets owner Joe Tsai and Oliver Weisberg. Those transactions valued the organization at approximately $8.1 billion.

Earlier this year, Ross agreed to sell a 1% ownership stake to Xiaomi co-founder Lin Bin at a $12.5 billion valuation.

Now, just months later, the agreement with Salata has pushed that valuation slightly higher.

That represents an increase of more than 54% from the $8.1 billion valuation attached to the 2024 transactions.

It also demonstrates how aggressively wealthy investors are pursuing ownership opportunities in professional sports, particularly the NFL.

One of the more interesting aspects of the transaction is that Salata is paying a premium for a minority ownership stake without acquiring control of the franchise.

As Florio noted in his NBC Sports article, conventional thinking might suggest that a controlling ownership interest would command the highest valuation. However, recent minority transactions have challenged that assumption.

The record price for a controlling-interest sale in an NFL franchise was set earlier this year when the Seattle Seahawks sold for about $9.6 billion.

Yet the Dolphins’ latest minority transaction values Ross’ organization at more than $12.5 billion.

An important distinction separates those numbers. The Dolphins transaction includes additional sports and entertainment businesses, while a minority stake valuation cannot necessarily be compared directly to the price someone would pay to purchase and control an entire franchise.

Nevertheless, the transaction illustrates the tremendous demand for NFL ownership.

With only 32 NFL franchises, opportunities to buy even small ownership stakes are extremely limited. Investors are also betting on the continued growth of NFL media rights, sponsorship revenue, franchise values, and other business opportunities.

For the Dolphins, the additional businesses connected to Hard Rock Stadium make the investment even more attractive.

Despite another ownership transaction, there is no indication that Ross is preparing to surrender control of the Miami Dolphins.

Instead, these transactions reflect the continued sale of minority stakes, with Ross remaining the franchise’s principal owner.

The latest agreement also requires final approval from NFL owners.

According to Sports Business Journal, the league’s finance committee approved the transaction last month, and NFL owners are expected to vote on the sale during their meeting in New York next week.

A representative of Ross Sports & Entertainment declined to comment on the reported agreement.

The most striking aspect of this story is the contrast between the Dolphins’ financial success and their current struggles on the field.

Miami entered its bye week at 0-5, and the franchise is in the early stages of another rebuild under head coach Jeff Hafley and general manager Jon-Eric Sullivan.

Yet the team’s struggles have done little to diminish investor interest in the organization.

While Dolphins fans focus on finding a franchise quarterback, developing young players, and eventually returning to playoff contention, investors are looking at a much bigger financial picture.

The NFL remains one of the most valuable properties in professional sports, and the Dolphins have several advantages beyond their Sunday performance.

Their South Florida location, Hard Rock Stadium, Formula 1 partnership, and other entertainment properties make the organization an attractive long-term investment.

The latest transaction also underscores an important reality: An NFL franchise’s financial value does not necessarily reflect its current success on the field.

For Dolphins fans, this transaction is unlikely to affect the team’s roster, coaching staff, or day-to-day football operations.

Salata is purchasing a minority ownership stake, not taking control of the organization or its football decisions.

However, the agreement reinforces just how valuable the Miami Dolphins have become under Stephen Ross.

When Ross completed his purchase of the franchise from Wayne Huizenga in 2009, the transaction valued the organization at approximately $1 billion.

Today, the broader Dolphins sports and entertainment enterprise is attracting investors at valuations exceeding $12.5 billion.

That’s an extraordinary financial transformation.

Of course, Dolphins fans would probably trade some of that financial success for more victories, playoff appearances, and another Super Bowl championship.

For Ross, however, the business side of the Miami Dolphins continues to reach new heights, even as the football team searches for a way to turn things around.