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Stephen Ross rejects a $10 billion offer to buy the Miami Dolphins

Stephen Ross, the billionaire real estate tycoon, is gearing up for this weekend's Miami Grand Prix – and he has no plans to give up on the Formula 1 event anytime soon.

Ross recently rejected a $10 billion offer to acquire his sports company, which includes the Grand Prix, the Miami Dolphins and Hard Rock Stadium. USA today reported on Wednesday. The businessman declined the offer because he wants to keep the venture within his family, two people familiar with the situation who spoke on condition of anonymity told the newspaper.

“I brought the entire Dolphins operation, not just the team, into the top five in the NFL,” said Marc Ganis, founder of SportsCorp and a consultant who has worked with sports teams USA today. “It's the transformation of the entire company into arguably the most successful, diverse regional sports entertainment company in the country – and by the way, let me just say – and the world.”

The eye-popping number proposed to Ross is notable because the Dolphins and Ross' other holdings have never been valued that high before. In August, Forbes considered the NFL team to be the 11th most valuable team in the league at just $5.7 billion. And earlier this year, the company named Ross' entire sports empire the 16th most valuable in the world at just $6.9 billion. However, now that a $10 billion offer is on the table, those predictions could change.

Last year, Citadel founder Ken Griffin was in talks to buy a minority stake in Ross' conglomerate in a deal valued at $7.5 billion. USA today written down. That potential sale ended amicably without a final deal being reached, and Griffin is not the same person who just made the $10 billion offer, sources with knowledge of the proceedings told the newspaper.

While it doesn't look like Ross will relinquish majority control any time soon, the latest offer shows just how valuable the Miami sports scene has become. The upcoming Miami Grand Prix is ​​expected to bring in about $1 billion for South Florida, an analyst said USA today. And the CEO of Formula 1 emphasized to the outlet how important the Miami event is for racing.

“Miami's entry into Formula One has been of great value to the sport in the United States, and the vision and enthusiasm of Stephen Ross and.” [Dolphins CEO] “Tom Garfinkel’s contribution to the event is incredible,” Stefano Domenicali said in a statement. “The event has quickly established itself as a destination for our fans as well as the biggest stars in music, sports and entertainment. We continue to see our fan base grow across the country across all of our platforms, and standout events like the Miami Grand Prix are a big driver of that.”

Ross seems to recognize this – and he wants to keep that influence for a while.

Anna Harden

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