 Stephen Ross is no longer a minority owner in the Miami Dolphins as the $1 billion transaction to purchase the majority stake in the franchise has been completed. Wayne Huizenga, who purchased the team in 1994 will retain a 5 percent minority interest. Huizenga had been pushing to sell off the majority stake and retain partial ownership in a move to avoid the capital gains tax. As reported by the NY Times: The agreement completed a deal forged in February. Ross bought 50 percent of the franchise, Dolphin Stadium and surrounding land from Huizenga for $550 million, with an agreement that Ross would later become managing general partner. Ross closed on the purchase of an additional 45 percent Tuesday. The agreement received approval from the league in October. After the deal, the question for many fans has been whether Bill Parcells would stay on as the head of football operations. Parcells had a provision in his contract allowing him to opt out, should the team be sold. Reports are that despite the sale, Parcells will remain on with the Dolphins.
OTHER NEWS ACROSS THE BUSINESS OF SPORTS NETWORK
 |
Subscribe to this comment's feed