Miami Dolphins are in advanced talks to sell minority stake in team to Ares Management, billionaire Joe TsaiThe Miami Dolphins are in advanced talks to sell a minority stake in the team to private equity firm Ares Management and billionaire Joe Tsai, CNBC has learned, highlighting the growing trend of owners looking to build their sports portfolios to include multiple teams and operate their own stadiums to maximize revenue.
CNBC has valued the Miami Dolphins as the league's eighth most valuable team at $7.1 billion, which does not include the stadium.
The Miami Dolphins and the NFL declined to comment, and Tsai's BSE Global did not immediately respond to a request for comment.
Businessman Stephen Ross purchased the Miami Dolphins in 2009 for $1.1 billion.
This allows him to bring in revenue from events held at the stadium such as the Miami Grand Prix and Miami Open tennis tournament.
Persons:
Joe Tsai, Ares, Tsai, Stephen Ross, Ross
Organizations:
Miami Dolphins, Ares Management, CNBC, Hard, Miami Grand Prix, Miami, NFL, Brooklyn Nets, Bloomberg, BSE Global, Miami Open, Dolphins, Formula, Prix