Dolphins Owner Stephen Ross Nears Deal to Buy Nearly Half of Miami Open

Billionaire developer Stephen Ross is nearing a deal to buy a roughly 45% stake in the Miami Open, one of the most prestigious annual tennis tournaments outside the Grand Slams, people with knowledge of the matter told Front Office Sports. 

The 85-year-old Dolphins owner is in advanced discussions to buy the stake as part of the Miami Open’s sale by Silver Lake-owned Endeavor to a consortium led by Ari Emanuel, the people said.

Representatives for Emanuel, Ross, Silver Lake, and Endeavor declined to comment.

Ross, the founder and non-executive chairman of real estate firm Related Companies, last year sold 13% in the Dolphins and South Florida-based sports and entertainment assets—including the Hard Rock Stadium, which has been home to the Miami Open since 2019— and the Formula 1 Miami Grand Prix, to funds overseen by Ares Management and Brooklyn Nets owners Joe Tsai and Oliver Weisberg. Ross previously had a profit-sharing agreement with Endeavor focused on the operations of the Miami Open, but didn’t previously own intellectual property or equity, one of the people with knowledge of the matter said.

The 2025 Miami Open, held in March, drew more than 405,000 attendees, a tournament record, and revenue from ticketing, sponsorships, and hospitality also set records, a person with knowledge of the matter told FOS.

Emanuel’s group, including RedBird Capital Partners and Apollo Global Management, outbid rivals and has been in advanced negotiations to acquire the Miami Open and Madrid Open from Endeavor, Bloomberg News reported in April, though the deal has yet to be announced. Both Miami and Madrid are ATP 1000 and WTA 1000 tournaments, making them among the most coveted titles on the tennis tour’s calendar due to the ranking points and prize money on offer. There are nine ATP 1000 events and ten WTA 1000 events, respectively, and only the Grand Slams and year-end ATP and WTA Finals offer more points.

Emanuel has been a keen buyer of assets from Endeavor and was CEO of the company until it was taken private by Silver Lake in March. In May, Endeavor said it would sell Frieze Art Group to Emanuel in a deal reportedly worth almost $200 million, and in April, The Hollywood Reporter reported that Endeavor’s WME was poised to spin off its basketball representation business to a group owned by Emanuel, media executive Mark Shapiro and agent Bill Duffy. Last year, Emanuel was on the other side of another Endeavor divestiture, agreeing to a $450 million management buyout of sports betting OpenBet and sports data provider IMG Arena.

Ross has continued to expand his global sports holdings. Earlier this year, Relevent Sports, which Ross owns alongside CEO Danny Sillman, was awarded global commercial rights for UEFA’s men’s club competitions including the Champions League.

— Ben Horney contributed reporting.

Editors’ note: RedBird IMI, of which RedBird Capital Partners is a joint venture partner, is the majority owner of Front Office Sports.