Miami Dolphins owner Stephen Ross has reportedly reached an agreement to sell another minority stake in the team and its affiliated businesses, with the package valued at slightly more than $12.5 billion.
Chilean billionaire Jean Eric Salata would acquire a 2.1 percent interest, according to Ben Fischer of Sports Business Journal. The agreement still requires approval from NFL owners.
The reported valuation would establish a new high for an NFL minority ownership transaction. However, the deal encompasses more than the Dolphins: It also includes interests in Hard Rock Stadium, the Formula 1 Miami Grand Prix and the Miami Open tennis tournament.
That distinction matters when assessing the headline figure. The $12.5 billion-plus valuation applies to the broader package, rather than identifying a purchase price for the football franchise alone.
Salata is buying a small percentage of that package, not paying $12.5 billion for his stake.
What the agreement means for Dolphins ownership
The transaction would add another investor without transferring control of the Dolphins away from Ross. The NFL’s finance committee approved the agreement last month, with a vote by league owners expected at next week’s meeting in New York.
Ross has previously brought outside investors into the same collection of sports properties. In December 2024, the Dolphins announced an investment giving Ares Management funds a 10 percent interest and Joe Tsai and Oliver Weisberg a combined 3 percent interest.
The team described those stakes as non-controlling. That announcement tied the investment to continued growth across Ross’ South Florida sports and entertainment holdings.
It also included the stadium and Formula 1 race, establishing a precedent for selling an interest in multiple businesses together.
Ross’ sports portfolio extends beyond the Dolphins
The team’s official biography of Ross describes how those holdings developed. He first invested in the Dolphins in 2008 and became managing general partner of the team and stadium in 2009.
The Miami Open moved to its stadium site in 2019, and the Formula 1 race debuted in 2022. Those additions help explain why a transaction involving Ross’ holdings cannot be treated as a valuation of the Dolphins in isolation.
The ownership news arrives with Miami still seeking its first victory. The Dolphins entered their bye at 0-5, and Jeff Hafley has committed to keeping Malik Willis as his starting quarterback while the team works through its offensive problems.
For the proposed sale, the next substantive development is the owners’ vote. Until that approval arrives, the agreement remains a pending minority investment rather than a completed ownership transaction.
