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Monday, February 25, 2008 | 10:03am
BUSINESS MATTERS: Billionaire Wayne Huizenga Sells Half of The Dolphins to ANOTHER Billionaire. We Go Inside The Numbers.
2 Billionaires but only One Win in 2007
New Dolphin’s Part Owner, Steve Ross
Peep this, The Miami Dolphins now have more billionaire owners than they had wins last season. The team’s current owner, the famed Wayne Huizenga, announced Friday that he’s taking on a new partner, real estate mogul Stephen Ross.
The Florida’s Orlando Sentinel has been reporting that Huizenga, who is getting up there in years (70) has been looking for a successor but none of his children have been interested. So with a net worth estimated at $4.5 billion, Ross, 68th wealthiest American according to Forbes joins the Dolphins ownership.
Ross made his fortune in real estate development, and his properties now include Manhattan’s towering Time Warner Center. The Dolphins didn’t release the terms of the deal but Forbes estimates it at around 500 million. Forbes valued the Dolphins franchise at $942 million last year. Not bad for a days work. I guess sports are the only business where you can loose almost all the time but win big!
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As long as fans are around, spending money at the stadium and on merchandise, there is money to be made. Loyalty of the fans… That’s what it comes down to.