Miami Dolphins Owner Not Selling Team Despite Record Bid

Highlights

NFL franchise valuations are skyrocketing, evident in the reported bid for the Miami Dolphins and the recent sale of the Washington Commanders.
Miami Dolphins ownership declined a $10 billion offer which included the rights to Hard Rock Stadium and the F1 Miami Grand Prix.
The average NFL team value increased 14% in 2023 and projects further growth in the coming years following record revenue numbers last season.

The value of sports franchises are growing at an exponential rate, with the NFL representing the pinnacle of the movement.

Just last month, it was reported that the Pegula family planned to sell roughly 25% of the Buffalo Bills franchise for an estimated $1 billion. Now, per USA Today‘s Safid Deen, Miami Dolphins’ owner Stephen Ross recently entertained a $10 billion bid for control of the Dolphins, as well as their home turf (Hard Rock Stadium) and Formula One’s Miami Grand Prix.

Ross reportedly declined the offer due to his desire to keep the assets in his family, but that’s a hefty sum that dwarfs anything we’ve seen in the sports sphere before.

Forbes valued the Dolphins alone at $5.7 billion last August, and that figure will only continue to rise in the coming years. Since 2022, the franchise’s valuation has increased by 24 percent.

Folding in the Miami Grand Prix is an interesting wrinkle to the deal, given the recent boom in popularity in F1 racing. It’s been estimated that a total of $798 million was generated from the first two editions of the Miami-based race.

While Ross has chosen to hold onto his assets for now, it may be a matter of when, not if, he sells the Dolphins for a record-breaking sum.

Kim and Terry Pegula discuss selling part of the Buffalo Bills.

Pegula Family Selling Sizable Stake of Buffalo Bills

The family will sell roughly 25% of the team’s ownership once a buyer is found.

NFL Franchise Valuations Are Rising Rapidly

The Commanders sold for more than $6 billion last year

Roger Goodell at the 2024 NFL Draft — Credit: Kirby Lee-USA TODAY Sports

Back in 2022, the Denver Broncos were sold for a whopping $4.65 billion, which was, at that point, a record amount for the sale of any professional sports team.

Then, a year later, a group led by billionaire Josh Harris purchased the Washington Commanders for $6.05 billion. It isn’t apples to apples with the reported Dolphins sale, given the inclusion of the F1 race, but it’s clear that the value of sports teams, and especially NFL teams, is skyrocketing at an exponential rate.

From 2022 to 2023, the average NFL team’s value rose 14%. After the NFL set record revenue numbers last season, such year-over-year growth should continue if not increase. If that proves true, then the Dolphins’ value would increase from $5.7 billion (in 2023) to $6.498 billion (in 2024).

The Dolphins ranked 11th on Forbes’ list last summer, though they’re one of eight tightly bunched teams that are worth between $5.5 billion and $6.3 billion. It’s not difficult to imagine them crossing the $6 billion threshold this year and cracking the top ten.

It’s worth noting that Hard Rock Stadium is an underrated but key part of Ross’ portfolio. Beyond just being the home of the Dolphins and certain college football games, the grounds also play host to the Dolphins Challenge Cancer bike ride and 5K fundraiser, music festivals, Miami Open (tennis) and the Miami Grand Prix. It will also be a host venue for the FIFA World Cup in 2026.

Back in 2022, Stephen Ross named his daughter Jennifer as his successor to the Dolphins’ throne. It seems likely the franchise will remain under their control until the torch is passed, but it’s possible the younger Ross decides to cash in on one of the NFL’s most valuable organizations once she’s at the helm.

Source: Safid Deen