Stephen Ross turned down a $10 billion offer for control of the Miami Dolphins, Hard Rock Stadium, and the Formula One Miami Grand Prix, according to a report from Safid Deen of USA Today.
While Deen says Ross “entertained” the offer, he reportedly turned it down “because he wants to keep the assets in his family.”
Ross, 83, purchased 50 percent of the Dolphins franchise and the team’s stadium (then known as Dolphins Stadium) in 2008 for $550 million. A year later, he purchased 45 percent more of the team to bring the total investment to $1 billion.
The rejected $10 billion offer shows not only the rapidly soaring valuation of NFL franchises, but also the impact of investments made by the team. Hard Rock Stadium underwent a significant renovation in 2015 and 2016, the Dolphins unveiled a state-of-the-art training facility in 2021, and the Miami Grand Prix has proven to be a massive success.
“Miami joining Formula 1 has been huge for the sport in the United States, and the vision and enthusiasm Stephen Ross and [Dolphins CEO] Tom Garfinkel have for the event is incredible,” F1 CEO Stefano Domenicali told USA Today.
“The event has quickly established itself as a destination for our fans, as well as the biggest stars from across music, sport, and entertainment. We continue to see our fanbase grow across the country on all our platforms and standout events like the Miami Grand Prix are a huge driver of this.”
The third annual Miami Grand Prix is scheduled Sunday at 4 p.m. ET.
