Billionaire developer Steve Ross is in talks to sell stakes in the Miami Dolphins, Hard Rock Stadium and the Formula One Miami Grand Prix to fellow billionaire Ken Griffin.
Ross, founder and chairman of New York-based Related Companies, and hedge funder Griffin, founder and CEO of Miami-based Citadel, have yet to finalize a deal and Ross could sell the stakes to someone else, according to Bloomberg. Both call South Florida home.
The Andy Slater Show first reported on Griffin’s interest in the NFL team.
Ross, whose net worth totals more than $10 billion, could use the funds to invest in other sports ventures. Griffin certainly has deep enough pockets to help Ross fund those interests, with a net worth of more than $35 billion, according to Forbes.
Ross first invested in the Dolphins franchise in 2008. He acquired 95 percent of the franchise for $1 billion and invested more than $700 million into renovating the Miami Gardens stadium home to the Dolphins, Bloomberg reported. Ross has since inked deals that brought F1 the Miami Open tennis tournament, and FIFA World Cup games in 2026.
Both Ross and Griffin have ramped up their holdings in South Florida. Griffin, a Daytona Beach native, has assembled ultra high-end residential portfolios in Palm Beach, Miami Beach and Miami over the years. He also relocated Citadel and Citadel Securities to Miami last year, where he plans a $1 billion-plus office skyscraper in Brickell.
In addition to his sports ventures, Ross’ Related has a huge pipeline of commercial projects in West Palm Beach and Miami. In Brickell, he teamed up with Swire on their planned One Brickell City Centre office tower, which could have the largest floor plates in Miami once completed.
— Katherine Kallergis
Read more
South Florida
Miami v. NYC: Ken Griffin says Magic City could topple Big Apple as financial hub
Politics
South Florida
Ken Griffin gave Francis Suarez tickets for Miami Grand Prix weekend valued at $30K
Commercial
South Florida
Steve Ross to leave Dolphins to daughter, not Bruce Beal: report