New York real estate magnet Stephen Ross made a $550 million offer for a 50% stake in the Miami Dolphins from owner Wayne Huzienga, according to The Miami Herald. Ross may not know as much about football as Bill Parcells, another recent addition to the Dolphin's organization, but he likely pulled the trigger on the bid because the deal included what he knows best -- real estate, in the form of Dolphin Stadium and surrounding developable land.
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The National Football League still needs to approve the deal. But the two principals of the transaction expect approval the last week of March at the NFL owners meetings in Palm Beach, Fla. The Herald also reported that Ross and Huzienga agreed that the New York real estate mogul has the option to acquire in the next four years full ownership of the team and those real estate assets for $1.2 billion. Ross has a knack for seeing the true value in a deal, having built New York-based privately held real estate firm Related Cos. into a billion-dollar empire. And for Ross, in this deal, the hidden gem may be the prime real estate in a down Florida market. - Gerald Magpily
See story from The Miami Herald
See story from Bloomberg
See TheDeal.com: Are the Dolphins off the block?
Comments
Will Ross be approved by the league considering his connections to mobbed-up DiFama Concrete, and it's owner, Gary Felsher?