• Loading stock data...
Monday, September 8, 2025
Fox Analyst and Media Entrepreneur Greg Olsen to Speak at Tuned In Get your ticket now!

Dolphins Owner Ross in Talks to Sell Minority Stakes to PE Firm Ares, Nets Owner Tsai

  • Miami Dolphins owner Stephen Ross is in advanced talks to sell off 13% of the team, a source tells FOS.
  • Under the current discussions, 10% will go to PE firm Ares, ushering in the NFL’s new PE era. Another 3% will go to Nets owner Joe Tsai.
Kirby Lee-USA TODAY

Stephen Ross completed his purchase of 95% of the Miami Dolphins and the team’s home stadium for $1 billion in 2009. Fifteen years later, the billionaire real estate magnate is close to offloading 13% of the team, Hard Rock Stadium, and the Miami Grand Prix—at a valuation of that slice nearly identical to what Ross paid for the whole thing. 

Ares Management and Brooklyn Nets owner Joe Tsai are in advanced negotiations to acquire 10% of the team and 3% of the team, respectively, a source with knowledge of the discussions told Front Office Sports.

The deal would value the team, stadium, and the Miami Grand Prix at $8.1 billion. Bloomberg was first to report the team’s talks with Ares’s and Tsai’s interest in the Dolphins

Ares could become the first firm to take advantage of the NFL’s new stance on private equity investment, approved by owners Aug. 27, that allows PE firms to buy as much as 10% of a franchise

Over the next two months, the NFL finance committee will consider around a half-dozen private equity investments around the league, the source said. After the finance committee reviews the proposals, they go before a full ownership vote, with at least three-quarters needed for approval. 

NFL owners will meet this month and again in December, so the Dolphins deal will likely not become official until December at the earliest. 

Ross is expected to put the money from the minority sale into two major endeavors: his Relevent Sports Group that negotiates European soccer rights deals with North American outlets, and his real estate portfolio in South Florida, especially in Palm Beach County

Private equity companies have no pathway to any control under the NFL’s 10% stake cap. Tsai would not have first-refusal rights if Ross sells his majority stake in the team to someone else under the framework of the deal, the source said. 

Ross, 84, has already signaled he wants to pass the Dolphins to his daughter Jennifer.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Oklahoma-Michigan Was a Battle of Dueling QB NIL Philosophies

Bryce Underwood got into a heated exchange with his teammate.

Alcaraz Beats Sinner, Wins $5M Prize, Reclaims World No. 1

Alcaraz won a record $5 million first prize at the US Open.
Aug 23, 2025; Tampa, Florida, USA; Buffalo Bills quarterback Josh Allen (17) leads the team onto the field for warm ups before a game against the Tampa Bay Buccaneers at Raymond James Stadium.

Slow Burn: The NFL’s Private-Equity Era So Far

Three deals have been struck to date. But the league is bullish.
exclusive

Ryan Clark Could Be On Thin Ice at ESPN After Second Public..

Clark and Peter Schrager had a tense on-air moment Friday.

Featured Today

Tennis

The US Open Is Groaning Under the Weight of Its Own Success

New York’s tennis major is more popular than ever.
Dec 21, 2024; Kansas City, Missouri, USA; Kansas City Chiefs quarterback Patrick Mahomes (15) gets ready to take the field prior to a game against the Houston Texans at GEHA Field at Arrowhead Stadium.
September 5, 2025

How Brazil Game Fits Into NFL’s Plans for World Domination

Friday night’s Chiefs-Chargers game in São Paulo is big by design.
Oct 13, 2024; Philadelphia, Pennsylvania, USA; Philadelphia Eagles quarterback Jalen Hurts (1) and wide receiver A.J. Brown (11) celebrate their touchdown pass during the second quarter against the Cleveland Browns at Lincoln Financial Field.
September 2, 2025

TV Ratings Just Changed Again. The NFL Will Be the Big Winner

Nielsen’s new viewership system will have a big impact on sports.
Ohio State Buckeyes wide receiver Jeremiah Smith (4) celebrates with offensive lineman Donovan Jackson (74) after a touchdown catch against Notre Dame Fighting Irish in the first quarter during the College Football Playoff National Championship at Mercedes-Benz Stadium in Atlanta on January 20, 2025.
August 30, 2025

The Most Expensive Roster Year in College Football History

The House settlement created revenue-sharing—and a big NIL loophole.
Jul 14, 2025; San Francisco, California, USA; Golden State Valkyries fans acknowledge local basketball alumni during a time out against the Phoenix Mercury during the second quarter at Chase Center.

Valkyries Set WNBA Attendance Record in Inaugural Season

The Valkyries joined the WNBA as an expansion team this season.
Feb 9, 2025; New Orleans, LA, USA; Kansas City Chiefs quarterback Patrick Mahomes (15) reacts on the field after the coin toss prior to the Chiefs' game against the Philadelphia Eagles in Super Bowl LIX at Caesars Superdome.
September 4, 2025

Chiefs Enter Brazil Game With Eye on Becoming ‘World’s Team’

The Chiefs are playing in a record fourth foreign country.
Mar 28, 2025; Brooklyn, New York, USA; Los Angeles Clippers owner Steve Ballmer leaves his court side seat after a game against the Brooklyn Nets at Barclays Center.
September 5, 2025

‘They Conned Me’: Ballmer Responds to Kawhi Leonard Allegations

Ballmer spoke on “SportsCenter” about the allegations he broke NBA rules.
Sponsored

Trailblazer Cal Calamia Is Racing for ‘Advocacy, Storytelling, and Performance’

The marathoner wants excellence—not just inclusion—to be the goal for non-binary athletes.
September 4, 2025

State of Connecticut Submits Bid for Minority Ownership of Sun 

The bid would value the Connecticut Sun above $250 million.
September 4, 2025

Torre: Key Phrases Missing in Clippers’ Pushback on Kawhi Deal

The NBA said it’s investigating the report involving the Clippers.
September 3, 2025

Clippers Push Back on Kawhi Leonard Report, Call It ‘Provably False’

Clippers owner Steve Ballmer is the richest owner in the NBA.
September 2, 2025

F1’s McLaren Valued at More Than $5B After Recent Stake Sale

MSP Capital purchased its stake in McLaren in 2020.