ROSS SELLS A PIECE OF HIS PIECE OF THE DOLPHINS
Posted by Mike Florio on October 6, 2008, 10:01 a.m. EDT
Not long ago, billionaire Steve Ross bought half of the Miami Dolphins and the stadium in which they play from billionaire Wayne Huizenga. The transaction came after repeated denials by Huizenga that the team was for sale.
But while Ross also has secured the ability to buy the rest of the team from Huizenga, Ross already is selling a piece of the pie that he has purchased, according to
SportsBusiness Journal.
Dolphin Stadium currently is undergoing a $300 million renovation. Coupled with a lackluster economy and a franchise that has been struggling (but not since discovering the Wildcat formation), it makes sense for Ross to shave off some of his share in order to raise some revenue.
Under league rules, at least one person must own 30 percent of the team. Ross is on track to become the majority and controlling owner if/when he purchases the rest of Huizenga’s interest in 2010. Thereafter, Ross can sell off even more of the team while still being regarded as the owner of it.
