Steve Ross is raising outside capital by selling minority stakes in a bundled South Florida sports-and-entertainment platform, not giving up control of the Miami Dolphins. Confirmed deals include a 13% combined sale in December 2024, a 1% investment by Xiaomi co-founder Bin Lin in March 2026 at a $12.5 billion valuation, and another small sale reported on Oct. 16, 2026 whose buyer and exact percentage have not been disclosed in the accessible report.
What Ross is selling
The transactions are structured around more than the NFL franchise. The package repeatedly described by the Miami Dolphins includes the Dolphins, Hard Rock Stadium and the Formula 1 Miami Grand Prix. By March 2026, the Miami Open was also included in the valuation. Ross is therefore monetizing slices of an integrated sports, venue and events business rather than selling isolated shares of the football team.
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Each announced transaction has been presented as a minority, non-controlling investment. The Dolphins’ statements describe the proceeds as capital for continued investment in the team, venue, events and the wider South Florida region. Nothing in the confirmed announcements identifies a change in the controlling owner.
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The sales so far
| Date and status | Stake size | Buyer type | Assets included | Reported valuation | Control rights | Stated use of proceeds |
|---|---|---|---|---|---|---|
| Dec. 11, 2024; announced by the Miami Dolphins | 10% to Ares Management and 3% combined to Joe Tsai and Oliver Weisberg | Institutional investment manager; NBA ownership group members | Miami Dolphins, Hard Rock Stadium and Formula 1 Miami Grand Prix | Not stated in the announcement | Minority, non-controlling interests | Continued investment in the organization and its properties |
| March 31, 2026; agreement announced | 1% | Bin Lin, Xiaomi co-founder and vice chairman | Dolphins portfolio, including Hard Rock Stadium, Formula 1 Miami Grand Prix and Miami Open | $12.5 billion; the Dolphins called it the highest valuation in professional sports, while The Associated Press described it as the highest valuation for a minority transaction in professional sports | Minority, non-controlling interest | Further growth of the Dolphins and other properties, with investment in South Florida |
| Oct. 16, 2026; reported by the South Florida Business Journal | Not stated in the accessible preview | Buyer not stated in the accessible preview | Pieces of Hard Rock Stadium and the organization’s Formula 1 and tennis interests | Slightly above the March 2026 valuation; the report calls it an NFL-record price | Terms not stated in the accessible preview; it is described as a small stake sale | Not stated |
The October report should not be read as proof of a particular buyer, percentage or governance arrangement. Those details remain unavailable in the preview, so the only firm points are that another sale was reported, it covered parts of the wider platform and its implied price exceeded the March benchmark.
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Why Ross is selling minority stakes
Funding growth without surrendering control
Ross’s public explanation is straightforward: outside investment supplies capital that can be put back into the Dolphins, Hard Rock Stadium, major events and South Florida. Selling a minority slice lets the ownership group unlock value while keeping the controlling position.
Choosing strategic partners
When the 2024 deal was announced, Dolphins chairman and owner Stephen Ross said the organization had attracted “significant interest from multiple investors” and had been selective about partners aligned with its values and long-term vision. The buyer mix reflects that strategy: Ares brings private-markets expertise, while Tsai, Weisberg and Lin are high-profile business and sports investors.
Valuing a year-round platform
The assets generate activity beyond the NFL season. Hard Rock Stadium hosts Dolphins games and other events; the Miami Grand Prix adds a global motorsport property; and the Miami Open extends the portfolio into professional tennis. Bundling those assets gives investors exposure to a broader events business than a stand-alone football franchise.
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What the $12.5 billion valuation includes
The March 2026 figure applies to the Dolphins portfolio described in the announcement, not solely to the team’s football operations. It includes the Miami Dolphins, Hard Rock Stadium, the Formula 1 Miami Grand Prix and the Miami Open. The Dolphins characterized the figure as the highest valuation in professional sports. The Associated Press used the narrower formulation that it was the highest valuation for a minority transaction in professional sports.
Those descriptions are important because a small percentage of a multi-asset platform can carry a different value and risk profile from a direct purchase of an NFL franchise. The valuation is also a transaction benchmark from March 2026, not a guarantee that every later sale will use exactly the same price.
Does Ross still control the Dolphins?
Yes, based on the confirmed announcements. The 2024 and March 2026 transactions were explicitly minority, non-controlling investments. They did not transfer the controlling ownership position, and the Dolphins continued to identify Ross as chairman and owner.
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The Oct. 16 report does not provide enough detail to describe the buyer’s voting rights or board rights. It does not report a change in controlling ownership, but the precise governance terms should remain treated as undisclosed until a complete announcement is available.
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On Aug. 4, 2026, Ross introduced Ross Sports & Entertainment (RSE) as the umbrella organization for the Dolphins, Hard Rock Stadium, the Miami Grand Prix, the Miami Open and Precision Drive Club. The announcement also said RSE had acquired a 45% stake in the Miami Open and co-owns and operates the tournament with MARI.
RSE clarifies why later investments are described as interests in an organization or portfolio. Investors can receive exposure to several connected properties, while the umbrella entity coordinates operations, partnerships and capital across them.
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What the latest sale means for the business
The October report’s price, slightly above $12.5 billion, indicates that demand for a slice of the platform remained strong after the Lin transaction. It also reinforces the value Ross is placing on the combination of an NFL team, a major stadium, Formula 1 and tennis.
For fans, the practical takeaway is continuity: the announced sales are financing and partnership transactions, not a relocation or a transfer of control. For sports investors, the sequence provides three reference points—13% sold in 2024, 1% sold at a $12.5 billion benchmark in March 2026, and a later sale at a somewhat higher implied price—while leaving the latest buyer and exact stake unresolved.
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What remains unknown
- The October 2026 buyer’s identity has not been disclosed in the accessible South Florida Business Journal preview.
- The exact percentage sold in that transaction has not been disclosed.
- The October deal’s voting, board and other governance rights have not been reported.
- The 2024 announcement did not state a transaction valuation, so it cannot be directly compared with the March 2026 figure on price alone.
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