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On November 21, reports surfaced of a sale involving Miami Dolphins owner Stephen Ross and billionaire hedge fund manager Ken Griffin.
Fox Sports 640’s Andy Slater was first on the story, informing: “Dolphins owner Stephen Ross is in talks to sell a minority stake in the team, Hard Rock Stadium, and F1 Miami to hedge-fund manager Ken Griffin, multiple sources tell me.”
Slater added that “the NFL is also aware” of the sale according to his sources, and that “Ross is said to be considering the sale to bring in additional money so he can make more sports and real-estate investments” in the future. Griffin has a current net worth of $35.1 billion, per Forbes.
The Palm Beach Post confirmed Slater’s report on November 21, noting that “other investors” are involved in the discussion as well.
Palm Beach Post journalist Hal Habib also stated that their source said, “Ross sees the potential deal as a way to raise capital that he could then invest in real estate and sports ventures,” which seems to agree with Slater’s information on the matter.
Forbes Reports ‘Significant’ Minority Stake Is on the Table for Ken Griffin, Unknown Investors
Forbes weighed in on the potential of a Dolphins sale on November 21 via writer Mike Ozanian.
“Billionaire Stephen Ross has a significant, non-voting stake in the Miami Dolphins, Hard Rock Stadium and F1 Miami Grand Prix on the block,” Ozanian began.
Continuing later: “One person familiar with the sale book says the enterprise value for a minority stake of the assets will exceed the $6.05 billion sale for full ownership of the Washington Commanders in July, which makes sense when you consider the enormous cash the properties generate.”
On its own, the Dolphins franchise was valued at $5.7 billion in August. That ranked 11th in the NFL according to Forbes, with a 24% one-year change in value (second best behind the Tennessee Titans).
In order to explain Ross’ decision to sell equity, Ozanian quoted a source. “Valuations for sports properties are high (making equity cheap), and debt is expensive,” the source said.
To that point, Forbes projected $640 million worth of debt between the football team and stadium.
Like the Palm Beach Post, Forbes also reported that “other potential investors are kicking the tires and that it is possible that more than one investor buys a piece of the assets.”
Who Is Potential Dolphins Minority Owner Ken Griffin?
If the sale goes through, Griffin will own a minority stake in the Dolphins as a partner and investor of sorts — but who is this mystery man?
Forbes lists Griffin as the 40th richest person in the world on November 22. Most of that net worth was accumulated through investments, real estate and his hedge fund, Citadel LLC.
“Griffin founded Citadel in 1990,” according to Forbes, “but first began trading from his Harvard dorm in 1987.” Now the firm manages “more than $60 billion in assets.”
The billionaire tycoon has also “spent more than $500 million acquiring contiguous land for his ocean-to-lake estate on the South End of Palm Beach since late 2012, including parcels close to Donald Trump’s Mar-a-Lago Club” — per Habib and the Palm Beach Post.
He is 55 years of age, divorced, has three children, lives in Miami and is “self-made.”
From a philanthropic perspective, Griffin “funded the State Department’s rescue of 800 U.S. citizens from Wuhan” during the pandemic according to Forbes, donating “$45 million to community initiatives in cities like Chicago and Miami.”
He has also “given some $1.9 billion to philanthropic causes, including $300 million to Harvard’s Faculty of Arts and Sciences in April 2023.”
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