It’s all Related: Ross hands Bruce Beal Jr. first crack at Dolphins

NFL owners approve succession plan giving Related president first option to buy Miami team

TRD New York /
Apr.April 08, 2016 02:20 PM

When it comes to his prized Miami Dolphins, Related Cos. founder Stephen Ross is keeping ownership of the NFL franchise in his corporate family — with Related president Bruce Beal Jr. receiving the right of first option to purchase the team once Ross’ time at the helm comes to an end.

NFL owners approved the succession plan at a recent meeting in Boca Raton, Fla, according to CBS Sports, as Ross – who turns 76 in May – sought to be proactive about the Dolphins’ ownership situation to avoid any uncertainty regarding who will inherit the team in his wake.

Beal Jr. joined RelatedTRData LogoTINY in 1995 and was promoted to the role of president in 2012. His father, Bruce Beal Sr., and uncle, Robert Beal, led Boston-based real estate investment firm Beal Cos. before that company’s merger with Related in 2013, which formed Related Beal.

The arrangement is akin to “keeping the [Dolphins] in the family,” sources told CBS Sports, with Ross and Beal Jr. said to be very close after working together for many years. But sources also noted that the plan does not indicate that Ross intends to sell the team imminently, and rather constitutes “responsible succession planning.”

It also does not guarantee that Beal will purchase the team, though he’ll have first crack at doing so should Ross pass away or decide to sell the team. The Related founder purchased 50 percent of the Dolphins from previous owner Wayne Huizenga for $550 million in 2008, and assumed full control of the team in 2009.

Besides football, Ross’ other sporting interests have included a $1 million investment in a new drone racing league and a mooted bid for a stake in Formula 1 racing[CBS Sports]Rey Mashayekhi


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Related is the latest developer to target the Rockaways
Related chairman Stephen Ross and Related Companies Portfolio CEO Richard O’Toole withBronx Terminal Market and Time Warner Center (Getty, Google Maps, Wikipedia)

Related lays out $200M debt settlement plan for Tel Aviv bondholders

Related lays out $200M debt settlement plan for Tel Aviv bondholders
Facebook CEO Mark Zuckerberg and Neiman Marcus at Hudson Yards (Getty)

Facebook eyes Neiman Marcus’ Hudson Yards shop

Facebook eyes Neiman Marcus’ Hudson Yards shop
Stephen Ross and Hudson Yards (Getty, iStock)

Related halts payments to Hudson Yards EB-5 investors

Related halts payments to Hudson Yards EB-5 investors
Neiman Marcus at Hudson Yards (Getty, iStock)

Related marketing Neiman’s Hudson Yards store as office

Related marketing Neiman’s Hudson Yards store as office
Steve Ross and 1 Union Square South (Getty, Google Maps)

Related selling Union Square high-rise for $200M

Related selling Union Square high-rise for $200M
Stephen Ross, chairman of Related Companies (Getty)

Stephen Ross to retailers: Brace yourself for bankruptcies

Stephen Ross to retailers: Brace yourself for bankruptcies
Neiman Marcus Group CEO Geoffroy van Raemdonck and Neiman Marcus at Hudson Yards (Credit: Raemdonck by NEIL RASMUS/Patrick McMullan via Getty Images; background by Noam Galai/Getty Images)

Neiman Marcus files for bankruptcy, casting uncertainty over Hudson Yards

Neiman Marcus files for bankruptcy, casting uncertainty over Hudson Yards
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...