The Real Deal Miami

Dolphins will repay many costs of renovating Sun Life Stadium

March 26, 2013 01:00PM

From left: Related Companies chairman Stephen Ross and Sun Life Stadium

The Miami Dolphins — owned by real estate big wig Stephen Ross — will repay Miami-Dade County for a portion of the costs of renovating Sun Life Stadium, and millions in penalties should the team fail to bring major events, including four Super Bowls, to South Florida, the Miami Herald reported.

The Dolphins told the county they will absorb costs for the renovation in about 30 years, but not cover the cost of the debt, the Herald said. Effectively, that means the team would need public money to cover about 43 percent of the total cost of improving the stadium.

Construction costs for the renovation are now estimated at $389 million, the paper said. [Miami Herald] –Guelda Voien