Owner Stephen Ross rejects enormous offer for Dolphins. What his plan is now

Stephen Ross declined an enormous offer to sell controlling interest in the Dolphins, Hard Rock Stadium and this weekend’s Formula 1 Miami Grand Prix at his stadium, a source confirmed.

And Ross has no intention of selling majority interest in the Dolphins to anyone, multiple sources directly involved in the process reiterated Wednesday.

A USA Today report on Wednesday said Ross rejected a $10 billion offer from an unnamed buyer for controlling interest in the Dolphins, Hard Rock Stadium and the F1 race. A source with direct knowledge did not dispute the accuracy of that report.

Ross, in recent months, had advanced talks about a complex deal that would have given a minority stake in the team to hedge fund owner Ken Griffin, who relocated from Chicago to South Florida in the past two years.

Ross and Griffin have ongoing nearby real estate projects in South Florida, and a source said they discussed a deal that would serve both parties, including Griffin obtaining a majority stake in the Dolphins, stadium and the F1 race. Griffin, who has a report net worth of nearly $37 billion, is the only person with that type of wealth who has been publicly linked to a pursuit of the Dolphins.

But those talks with Griffin ended in recent months.

Forbes values the Dolphins at $5.7 billion, 11th among NFL teams. A source who works for Ross said the internal valuation of the team itself is at least $6 billion.

In 2008, Ross purchased 50 percent of the Dolphins, the stadium (then known as Dolphins Stadium) and surrounding land from then-owner H. Wayne Huizenga for $550 million, with an agreement to later become the Dolphins’ managing general partner. On January 20, 2009, Ross purchased an additional 45 percent of the team from Huizenga. The total value of the deal was $1.1 billion.

The value of NFL teams has skyrocketed in recent years. The Denver Broncos were sold for $4.65 billion in August 2022 and the Washington Commanders were sold for $6.05 billion last year.

Ross, 83, intends to leave the team in hands of daughter Jennifer Ross. Forbes reports Ross’ net worth at $10.1 billion.