UPDATE: We told you about the speculation last week but now its official, Venus and Serena Williams hve finalized negotiations making them minority owners of the Miami Dolphins and the first female African-Americans to hold an ownership stake in a NFL franchise.

“I am so excited to be part of such a renowned organization,” Serena said. “Having spent so much of my childhood in the area, being involved with a staple of Miami culture is a huge honor. We look forward to many championships and much success together with the Miami Dolphins.”

Though the two are close, in the individual sport they play, they aren’t afforded many opportunities to collaborate like this.  Venus is honored to have the opportunity and be a part of Dolphins history and more importantly, black history.

“I am honored to be a partner in the Miami Dolphins franchise and thankful to owner Stephen Ross for allowing Serena and I to be part of Miami Dolphins history,” Venus said in a statement.

It is believed that the Williams Sisters are part of an overall strategy by the new Dolphin ownership to tap into a larger Miami based audience and their urban cultural following. A very good look for the ladies.

So often we are left in amazement of contracts signed by athletes of the 4 major sports (MLB, NFL, NBA, NHL.)  Whether its Eli Manning and his $97 Million or a steroid-aided Alex Rodriguez and his insane $275 Million but often we forget just how much dough and business savvy those individual sport athletes have. Yesterday, Venus and Serena Williams set out to offer up a demonstration by announcing their intention s to become part-owners of the Miami Dolphins.  While both have been active entrepreneurs off the court for some time now, this move trumps them all and would cement them as major power brokers in the sports business game.

“There have been preliminary talks and hopefully it will work out,” Serena told reporters after her second round win over Kazakhstan’s Yaroslava Shvedova at the Toronto Cup. “That would be a great opportunity for both of us. We’ll see what happens, you never know.”

The Dolphins who are already part owned by a hodge-podge of celebrities including Jimmy Buffet, Gloria and Emilio Estefan, seem to be executing a strategy of appealing to a larger fan base and elevating the franchise value by tapping into the celebrity owners diverse following.   Stephen M. Ross who recently purchased the team from former Blockbuster Video & Waste Management executive Wayne Huizenga has been quite vocal about using the Estefan’s as a means to tap the exploding Hispanic population in South Florida.  Perhaps with The Williams Sisters coming abord he could be looking to reach out to a younger black and perhaps Female audience?

“Venus and I are always trying to expand our brand,” said Serena. “If the opportunity presents itself we would love to see where it can take us.

Regardless of the Sisters next step they likley will only control a negligible stake in the team as Ross and Huizenga currently 99%.