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 NFL owners unanimously voted in favor of letting Wayne Huizenga sell 50 percent of the Miami Dolphins to a New York real estate billionaire named Stephen Ross.
Huizenga will still play a large roll, as reported by SI.com: Huizenga will remain as managing partner of the club for the near future, setting no timetable for when Ross will take command. Ross is spending about $550 million (euro348 million) for his share of the team and will have options to buy up to 95 percent of the Dolphins. Huizenga bought 15 percent of the Dolphins and 50 percent of the stadium from team founder Joe Robbie's family in 1990, then became sole owner in 1994. Total cost of those purchases was $168 million (euro106 million). The Dolphins haven't been to the playoffs since 2001, their longest such drought. But Ross was still eager to invest in the franchise, valued last year by Forbes Magazine at $942 million (euro596 million).
Ross was once a minority owner of the New York Islanders of the NFL and he once tried to purchase the New York Jets. Some were worried about how new executive vice president of football operations Bill Parcells would react to the change, but Ross seems to be the same kind of hands off owner that Huizenga was. Ross was shown in Forbes Magazine last year with a net worth of $4.5 billion (euro2.85 billion). For more news mentioning the Dolphins reported by the Biz of Football check here. More recent news from around the league can be found here.
Here's what's being reported around the Business of Sports Network: On the Biz of Baseball, Maury Brown reports: Interview - Art Garfamudis - Writer, ESPN Page 2. On the Biz of Basketball, David Friedman reports: Chris Webber's Legacy. On the Biz of Hockey, Maury Brown reports: Wanted: Hockey Bloggers.
Posted by Business of Sports staff member and Biz of Football Editor of Content Bill Jordan. (Visit the Biz of Basketball Author's Page for contact details)
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