Have you ever tried to sell something online? You set a more than fair asking price, and someone comes along and offers a fraction of that asking price, then gets angry at you for rejecting it.
Well, Miami Dolphins owner Stephen Ross definitely can’t relate. He just sold 1% of his franchise for a cool $125million.
Which means two things.
First, the Dolphins are apparently worth more than the GDP of several small island nations.
And second, somewhere out there is a person who can casually buy one per cent of an NFL team the same way the rest of us might pick up an extra guacamole at Chipotle.
Here, Florida News Blitz writer Taylor Stephenson reports the latest ongoings in South Florida.
Value of Dolphins
For context, this sale means a single percentage point of the Dolphins now costs more than some entire professional sports teams were worth a couple of decades ago.
The buyer of the small stake is billionaire tech entrepreneur Lin Bin, best known as the co-founder of smartphone giant Xiaomi, whose investment still requires formal approval from NFL owners.
And if you’re wondering whether Ross is quietly preparing to sell the whole thing, the answer appears to be no.
Despite cashing in on small slices of the franchise, Ross made it clear he has no intention of selling the Dolphins outright, even revealing he has previously received offers approaching $15 billion for the team.
His reasoning? Simple.
According to Ross, an NFL team is about as good an investment as it gets – and he’s not entirely sure what he’d do with that much money if he did sell.
Which, to be fair, is a problem most of us would absolutely love to have.
Controlling stake
The 85-year-old billionaire still holds the controlling stake in the franchise and has indicated the Dolphins will likely remain in the family long-term, with his son-in-law Daniel Sillman expected to play a major role in its future leadership.
Of course, while the Dolphins are soaring in value financially, the on-field results haven’t quite matched the balance sheet.
Miami hasn’t won a playoff game in more than two decades – imagine how much they would be worth if they were actually competent.
READ NEXT: Miami news: Miami Grand Prix to host sprint race for third consecutive year
