Steve Ross Announces Record Valuation Sale of Miami Dolphins and Assets to Lin Bin
Miami Dolphins owner Steve Ross has reached an agreement to sell 1 percent of the team and its associated assets at a groundbreaking valuation. The deal involves selling a portion of the Dolphins, Formula 1 Miami Grand Prix, Hard Rock Stadium, and Miami Open tennis to billionaire Lin Bin. This transaction is based on a valuation of $12.5 billion, setting a new record for publicly known minority sales in the sports industry. Ross initially purchased the Dolphins for $1 billion in 2009. Lin Bin, the co-founder and vice chairman of Xiaomi, a Chinese consumer electronics company, is the buyer in this deal. The sale is contingent on approval from the NFL.
Steve Ross, who is 85 years old, has expressed his intention to maintain majority ownership of the franchise within his family. In recent years, he has pursued minority sales to secure additional capital. In December 2024, Ross completed a limited interest sale of the team and related assets to Ares Management, Joe Tsai, and Oliver Weisberg, owners of the Brooklyn Nets. Ares acquired a 10 percent stake, while Tsai and Weisberg collectively purchased a 3 percent interest. Despite receiving a substantial offer close to $15 billion for the team and assets in January, Ross declined the offer. He reiterated his desire to keep the Dolphins in the family and identified his son-in-law, Daniel Sillman, as the future leader of the franchise.
During a recent conversation with Bloomberg, Ross mentioned his commitment to maintaining ownership of the Dolphins within the family. He highlighted Daniel Sillman as the individual poised to oversee the franchise after him. Ross, along with Sillman, executive Brandon Shore, and Hall of Fame quarterbacks Dan Marino and Troy Aikman, conducted a search to hire general manager Jon-Eric Sullivan this offseason. Sullivan subsequently appointed Jeff Hafley as the team's new coach, marking the beginning of a new era in the leadership of the football operations for the Dolphins.
In conclusion, Miami Dolphins owner Steve Ross has agreed to sell 1 percent of the team and its associated assets to Lin Bin at a record valuation of $12.5 billion. This transaction underscores Ross's commitment to securing additional capital while maintaining majority ownership within his family. The sale is pending approval from the NFL and reflects Ross's strategic approach to managing the franchise's ownership structure.