Ross reportedly agrees to $12.5B Dolphins stake sale

Miami Dolphins owner Stephen Ross has agreed to sell Chilean billionaire Jean Eric Salata a 2.1% stake in the team and affiliated businesses at a valuation slightly above $12.5 billion, setting a record for an NFL minority investment. The stake reportedly includes interests in Hard Rock Stadium, the Formula 1 Miami Grand Prix and the Miami Open. The transaction would mark Ross’s third round of sales in less than three years, following investments by Ares Management, Joe Tsai, Oliver Weisberg and Xiaomi co-founder Lin Bin. NFL owners still need to approve the deal.