Wayne Huizenga sells half of the Miami Dolphins
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Bill Jempty | Friday, February 22, 2008 |
He will remain Miami’s managing general partner. From the Sun-Sentinel-
FORT LAUDERDALE - Miami Dolphins owner Wayne Huizenga said Friday he has sold half the team to real estate developer Stephen M. Ross of New York and Palm Beach.
Huizenga will remain the managing general partner while Ross will have a chance to buy the entire team in the future.
Ross is chairman of the Related Cos, a New York-based real estate development firm. He helped develop CityPlace in West Palm Beach.
Financial terms of the partnership were not immediately available. A press conference is set for 4:30 p.m. at Dolphin Stadium.
The deal includes the team, the stadium and surrounding land.
Huizenga, 70, purchased the Dolphins from the Robbie family in 1994 for $138 million. In 2000 he considered selling a minority stake, but eventually abandoned the idea, despite receiving interest from, among others, Internet entrepreneur Raul Fernandez, who is a part owner of the Washington Capitals.
Huzienga reportedly did this for estate tax reasons. It won’t effect the franchise. Miami will be very lucky to go better than 4-12 in 2008.
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