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Developer Buys 1/2 of Dolphins

By Mark

Wayne Huizenga decided it was a good time to start cashing out Now, coming off a 1-15 season, one can argue with his timing, but after getting an offer valuing the Dolphins at $1.1 Billion, which would have placed the team fourth on the Forbes list of NFL teams by highest value, a significant upgrade from the $942 million value which Forbes placed on the team, how could he not jump at a deal?

Even so, he has made a good deal, leaving him in charge of the team for the foreseeable future, which allows him to both cash out and stay in charge - no mean feat. The buyer, real estate developer and billionaire Stephen Ross, the owner of Related Companies, is a native of South Florida who grew up a Dolphins fan. While he is a resident of New York, he has a home in Palm Beach and will be actively involved in the team, making decisions with Huizenga "50/50". He will become managing partner, at his choice, in the future.

It's a good day for the Dolphins as they gain a new owner with solid business background, real estate credentials and, most importantly, a South Florida background. Most importantly, he grew up as a Dolphins fan, so he gets the team's connection to South Florida and its residents.

Full post as published by Sports Biz on February 22, 2008 (boomark / email).