Key Takeaways
- • Ares Management funds will acquire a 10% stake in the Miami Dolphins and related assets from Chairman Stephen M. Ross, with Brooklyn Nets owners Joe Tsai and Oliver Weisberg together holding a 3% interest, pending final closing.
- • The minority, non-controlling sale was approved by the NFL at its league meeting on Wednesday, December 11, 2024.
- • The transaction includes Hard Rock Stadium and the Formula 1 Crypto.com Miami Grand Prix, and Ross says proceeds will fund continued investment in the Dolphins, additional sports assets and South Florida real estate.
- • Ares, with $464 billion in assets under management, marks its entry into NFL ownership, adding to stakes in Inter Miami CF, McLaren Racing and Atlético de Madrid.
- • BDT & MSD Partners acted as principal advisor and Wachtell, Lipton, Rosen & Katz as legal counsel to Ross and the Dolphins; closing is expected in the coming days.
Summary
The Miami Dolphins and Chairman Stephen M. Ross announced a strategic investment by Ares Management funds (Ares) and Brooklyn Nets owners Joe Tsai and Oliver Weisberg. Ares will acquire a 10% stake, while Tsai and Weisberg together will hold a 3% interest, pending final closing of the agreements. The minority, non-controlling interest sale was approved by the NFL at the league meeting on Wednesday, December 11. The transaction covers the Dolphins as well as Hard Rock Stadium and the Formula 1 Crypto.com Miami Grand Prix, as Ross's South Florida sports and entertainment portfolio continues to expand.
Ross acquired the Dolphins in 2009 and, according to the team, has privately financed more than $1 billion in modernization efforts across the region. These upgrades have positioned Hard Rock Stadium as a host for Super Bowl LIV, the Formula 1 Miami Grand Prix, the Miami Open tennis tournament, the 2026 FIFA World Cup and concerts including Taylor Swift's Eras Tour. Ross said the sale followed significant interest from multiple investors, allowing him to select partners aligned with the organization's values and long-term vision. He said the proceeds will support continued investment in the Dolphins, additional sports assets and South Florida real estate.
Ares, a global alternative investment manager with $464 billion in assets under management, described the deal as its entry into NFL ownership. Its portfolio already includes stakes in Inter Miami CF, McLaren Racing and Atlético de Madrid. Mark Affolter and Jim Miller, Co-Heads of Sports, Media & Entertainment at Ares, said the firm looks forward to working with Ross on new opportunities. Tsai called Ross a world-class operator with a collection of premier assets. Bruce Beal, Jr. will continue as vice chairman and partner.
BDT & MSD Partners served as principal advisor on the investment, and Wachtell, Lipton, Rosen & Katz served as legal counsel to Ross and the Dolphins. According to the publisher's coverage, the NFL approved the sale alongside other deals on the same day that involved Ares and other private equity funds. The transaction is expected to close in the coming days.
Ross acquired the Dolphins in 2009 and, according to the team, has privately financed more than $1 billion in modernization efforts across the region. These upgrades have positioned Hard Rock Stadium as a host for Super Bowl LIV, the Formula 1 Miami Grand Prix, the Miami Open tennis tournament, the 2026 FIFA World Cup and concerts including Taylor Swift's Eras Tour. Ross said the sale followed significant interest from multiple investors, allowing him to select partners aligned with the organization's values and long-term vision. He said the proceeds will support continued investment in the Dolphins, additional sports assets and South Florida real estate.
Ares, a global alternative investment manager with $464 billion in assets under management, described the deal as its entry into NFL ownership. Its portfolio already includes stakes in Inter Miami CF, McLaren Racing and Atlético de Madrid. Mark Affolter and Jim Miller, Co-Heads of Sports, Media & Entertainment at Ares, said the firm looks forward to working with Ross on new opportunities. Tsai called Ross a world-class operator with a collection of premier assets. Bruce Beal, Jr. will continue as vice chairman and partner.
BDT & MSD Partners served as principal advisor on the investment, and Wachtell, Lipton, Rosen & Katz served as legal counsel to Ross and the Dolphins. According to the publisher's coverage, the NFL approved the sale alongside other deals on the same day that involved Ares and other private equity funds. The transaction is expected to close in the coming days.
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