Last week, Miami Dolphins owner Stephen Ross turned down a $10 billion offer for control of the franchise, Hard Rock Stadium, and the Formula 1 Miami Grand Prix, according to USA Today. He discussed a deal with billionaire Ken Griffin, but the two sides could not finalize a deal. Ross wants to keep control of the three entities in his family, the report states.
The Dolphins are valued at $5.7 billion, the 11th highest in the league. The stadium, as well as the Formula 1 race, adds to the value.
On Sunday, Dolphins president Tom Garfinkel shut down any idea that the team is up for grabs.
"What I can say is that I know unequivocally that the team is not for sale," Garfinkel said (via the Palm Beach Post).
"I think the price could be much higher than $10 billion, the team wouldn't sell. So the team is not for sale, the control of the team's not for sale. And so from that standpoint, I think all of that is kind of not really relevant because Steve's not selling the team."
Ross purchased 50% of the Dolphins franchise, as well as the stadium and surrounding land, back in 2008 for $550 million. In 2009, the 83-year-old purchased another 45%, with a total investment of $1 billion.
The reported offer was larger than the Washington Commanders sale, which went for $6.05 billion in 2023, and even though it was not accepted, it could still have a major impact on the price of control for owners in the future.
The stadium, with a capacity of more than 65,000, was renovated in 2015 and 2016 and added a training facility in 2021. They transformed their parking lot into a racetrack, which has not only brought value to the stadium and money to the area of Florida, but also helped grow F1.
The changes and added events of the venue seem to have increased the appeal of a potential purchase. Ross has invested over $1 billion into the property in order to host big events, including the Super Bowl and the World Cup.
SportsCorp Ltd. founder Marc Ganis, a consultant who has worked with sports teams, called the Dolphins innovations "one of the great sports business success stories of the last decade."
"I put the Dolphins' entire operation, not just the team, in the Top 5 in the NFL," Ganis said. "It's the transformation of the entire operation to arguably the most successful, diversified, regional sports entertainment operation in the country – and by the way, let me just say – and globally in the world."
