Miami Dolphins owner Steve Ross has struck a deal to sell 1 percent of the team and surrounding assets at a record valuation.
Ross has agreed to sell 1 percent of the Dolphins, Formula 1 Miami Grand Prix, Hard Rock Stadium and Miami Open tennis to billionaire Lin Bin based off of a valuation of $12.5 billion, according to a league source confirming an initial Sportico report.
That’s a record valuation for a publicly known minority transaction in sports. Ross bought the Dolphins for $1 billion in 2009.
Bin is the co-founder and vice chairman of Chinese consumer electronics company Xiaomi.
The deal is subject to NFL approval.
Ross, 85, who has said he intends to keep majority ownership of the franchise within the family, has sought minority sales for additional capital in recent years.
In December 2024, Ross made a limited interest sale of the team and related assets to Ares Management and Brooklyn Nets owners Joe Tsai and Oliver Weisberg. Ares acquired a 10 percent stake, while Tsai and Weisberg together bought a 3 percent interest.
Last January, Ross told Bloomberg he has turned down an astonishing offer of close to $15 billion for the team and assets.
In the same fireside chat, he also affirmed he wants to keep the Dolphins within the family and pointed to son-in-law Daniel Sillman to run the franchise after him.
Ross and Sillman, along with executive Brandon Shore and Hall of Fame quarterbacks Dan Marino and Troy Aikman, conducted a search this offseason to hire general manager Jon-Eric Sullivan. He in turn hired Jeff Hafley as the team’s new coach, as the Dolphins usher in a new era at the top of the football side of the operation.