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While news hits that the deal closed for the Miami Dolphins to be majority owned by a New York real estate billionaire (no, not Donald Trump!), we close on a marvelous season for the Dolphins. This closing completes a deal that started a while back. Now Stephen Ross has a 95% stake in the Miami Dolphins that he paid in total $1 billion dollars for, leaving 5% for Wayne Huizenga to hold on to.
The deal started last February and began a process with Ross buying (for $550 million) the first 50% of the franchise, Dolphin Stadium and the surrounding land. Also part of the agreement in February was the subsequent appointment of Ross as managing general partner. The remaining 45% was acquired with the latest deal. In order for the deal to close, the league put its stamp of approval on it in October.
The Dolphins have been owned by Huizenga, now 71, since 1994. The fortunes are rising with this takeover by Ross. Their 2007 season was a disaster when they finished 1-15. Now in 2008, they have turned this disaster around with a 11-6 season and for the first time since 2001 making the playoffs, all under the teams head of football operations, Bill Parcells.
The franchise could've lost all that progress with this deal closing, as the clause on Parcell's contract was triggered that could have allowed him to leave. But you can bet that with this season under his belt, Ross wasn't about to let that happen and put at risk the progress the team had made (probably affecting the revenue nest year). Ross announced that Parcell's would be staying and that "Parcell's is in charge."
Ross has a prior history in sports franchises and his $4.5 billion in net worth, ranking him 78th on the Forbes 2008 list of richest Americans and positioning him to add to his sports interests. Previously he was a minority partner in the Islanders and was unsuccessful with a bid for the Jets in 1999. Maybe it was lucky that bid didn't go through so he could bask in the light of the sun in Florida with this deal.
One issue that Ross will have to deal with at some time though is losing the revenue coming from the Marlins playing in their own personal hometown Dolphins Stadium. They have been talking about a new stadium for the Marlins for a while, originally targeted as 2005. With Dolphins tickets being only half of the revenue instead of a third after the Marlins leave, revenues for the team may be down some.
Now the local governments are expected to act on the plans after a holiday and Inaugural delay. Expected to approve the new park that will be built on the site where the old Orange Bowl was demolished.
However, that should be a minor issue if the tide continues to rise in South Florida. The fans have their pride back now and so does the team. The fans will continue and likely improve the Miami Dolphins tickets sales.
In fact some of the fans have nominated this season for an award "as the most stunning and surreally unexpected, the most welcome and delightful, in the history of sports in South Florida."
As the tide rolls in, all boats are floated it seems!
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