Stephen Ross Sells 2.1% of the Dolphins at a Record NFL Minority Valuation

The Miami Dolphins have not won a game this season, but the price of a piece of the franchise keeps climbing. Chilean-born financier Jean Eric Salata has a deal in place to buy 2.1% of the Dolphins and their affiliated businesses from principal owner Stephen Ross, Sports Business Journal's Ben Fischer reported on October 15, citing sources.

According to SBJ, the deal values Ross's holdings slightly above the $12.5 billion figure set in his last equity sale in March, making it a new high-water mark for a minority stake in an NFL team. Yahoo Sports, citing the SBJ report, put Salata's price at more than $262 million.

Who Is Buying In

Salata, 60, is the chairman of the Swedish investment firm EQT AB, which in 2022 acquired Baring Private Equity Asia, the Hong Kong firm he founded. Forbes estimates his net worth at $8.4 billion, SBJ reported.

He was born in Chile, but his family moved to Erie, Pennsylvania, when he was 5. He earned his bachelor's degree at Penn and worked for Bain and Company in Boston before building his career in Asia, according to SBJ.

More Than a Football Team

This is not just a slice of the Dolphins. SBJ reported that the deal includes pieces of Hard Rock Stadium, the F1 Hard Rock Miami Grand Prix and the organization's interest in the Miami Open tennis tournament.

That bundle helps explain the number. As a standalone asset, the average of public estimates of the Dolphins' enterprise value is $10.59 billion, according to SBJ research. Minority stakes in NFL teams also tend to trade at a premium, so SBJ cautioned that the price cannot be compared directly to the value of a controlling interest.

Yahoo Sports made the same point from a different angle: buyers are paying for the sports and entertainment complex Ross has built around the team, with Hard Rock Stadium hosting the Miami Grand Prix, the Miami Open and, this year, World Cup matches.

A Steady Climb in Price

Salata is the latest in a run of investors to buy small pieces of Ross's sports business. SBJ reported that Ross sold 10% to Ares Management and a combined 3% to Brooklyn Nets owner Joe Tsai and Nets minority owner Oliver Weisberg in December 2024, deals that valued the team at $8.1 billion.

In March, Xiaomi co-founder Lin Bin bought in at the $12.5 billion valuation. Yahoo Sports reported that he paid about $125 million for 1%.

Ross first bought the team and the stadium in 2009 for about $1.1 billion from Wayne Huizenga, the Miami Herald reported. The Herald also reported that Ross has said he is selling equity to fund investment in South Florida real estate and philanthropy, and that he has no interest in giving up his majority stake.

How It Fits the Wider NFL Market

The deal lands in a busy year for NFL valuations. SBJ noted that the record for a control sale of an NFL team is the roughly $9.6 billion paid by Vinod Khosla's group for the Seattle Seahawks in August.

NFL owners are expected to approve the Salata purchase at their meeting next week in New York City, and the league's finance committee approved the transaction last month, SBJ reported. Also on the agenda is Atlanta Falcons owner Arthur Blank's sale of 7.5% of the Falcons to Arctos Partners, the first tranche of a planned 10% deal, which is the maximum a private equity firm can hold in an NFL team.

Winning on the Books, Losing on the Field

The contrast is hard to miss. Yahoo Sports reported that the Dolphins enter their Week 6 bye at 0 and 5 with the NFL's worst point differential, and that running back De'Von Achane will not return until 2027 after a knee injury.

None of that has slowed the money. NFL franchises are scarce, Ross has made clear he will not sell control, and minority stakes like Salata's are the only way into the ownership group. For investors, the long term value of the team, the stadium and the events around it outweighs one rough season.

The Bottom Line

The Dolphins' record says rebuild, but their valuation says premium asset. Salata's 2.1% purchase shows how NFL ownership, and the stadium and event businesses tied to it, has become one of the most sought after investments in sports. Follow Legend Magazine for more on the business deals shaping the games we watch.