Real estate mogul and Miami Dolphins owner Stephen Ross has a penchant for doing deals with pop stars.
Ross held a press conference Thursday announcing the sale of a minority share of the Dolphins for an undisclosed amount to pop singer Gloria Estefan and her producer husband Emilio Estefan. Just last month, Ross teamed up with singer Jimmy Buffett, who also owns the Margaritaville enterprise, in a deal that renamed the team's stadium after the singer's LandShark Lager beer for the 2009 season. The Miami Herald reports that Buffett is expected eventually to become a minority owner too.
Ross, a New York real estate billionaire, became majority owner of the Miami Dolphins franchise by acquiring a 45% stake for $450 million in January, already 50% from a prior deal. Prior lead owner Wayne Huizenga retained a 5% interest.
The Estefans are the first Cuban-Americans to own a stake in an NFL franchise. But they aren't the first Hispanics to own a share of an NFL team, because E. Javier Loya, the CEO of Choice! Energy, owns a stake in the Houston Texans. Nonetheless, the deal would likely help the Dolphins draw more Hispanic-Americans, which account for nearly 62% of the Miami-Dade County population, according to the U.S. Census Bureau.
Gloria, who has performed at three Super Bowls and has been a fan of the team since 1972, said in a statement:
To be a part of this is phenomenal. We really are very, very happy and thrilled to do whatever we can to be a part of this team as we've been to this community throughout the years. We really feel a part of it and don't worry, we will not be calling any plays and Emilio will not be playing quarterback, nor myself.
But if the Dolphins were in a pinch and needed some halftime entertainment, the Estefans and, for that matter, Buffett would not likely turn down their team. Ross exclaimed in a statement: "The Estefans are known internationally as true visionaries in entrepreneurship, entertainment and business. ... We are looking forward to their contributions to help enhance the game-day experience for our fans." - Gerald Magpily
See Miami Dolphins press release
See ESPN article
See Bloomberg article
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