The Hard Rock Stadium has two sides. The first one’s been seeing the Miami Dolphins desperate for their first win of the season. On October 11, they trailed the Cincinnati Bengals 28-10 late in the third quarter at Hard Rock Stadium. A late rally made the scoreline closer, but Miami still lost 31-24, falling to 0-5. For the team, the stadium had become the setting for another setback. Yet outside the NFL season, the same property has a very different story.

In 2019, less than three months after the Dolphins’ final home game of the previous season, a 14,000-seat tennis court opened on the site, with 30 courts built for the Miami Open. The grounds now also accommodate a Formula 1 circuit for the Miami Grand Prix and have hosted FIFA World Cup matches. A stadium that began as the Dolphins’ home has become a year-round destination for major sporting events. That wider portfolio is now at the center of a record-setting deal.

Ben Fischer of Sports Business Journal reported that Stephen Ross has agreed to sell a 2.1% stake in the Dolphins and affiliated businesses to billionaire financier Jean Eric Salata at an implied valuation slightly above $12.5 billion, setting a new record for an NFL minority-stake transaction.

The valuation lands slightly above Ross’ previous sale to Xiaomi co-founder Lin Bin for $12.5 billion. That makes it the highest ever for an NFL minority stake. 

Salata is 60 and chairs the Swedish investment firm EQT AB. EQT bought Baring Private Equity Asia, the Hong Kong firm he founded, in 2022. Forbes puts his net worth at $8.2 billion.

The price for the Dolphins has climbed fast. Ross bought the franchise for about $1 billion in 2009. In December 2024, Ares Management took 10%, and Joe Tsai and Oliver Weisberg took a combined 3%, at an $8.1 billion valuation. 

In March 2026, Lin Bin paid around $125 million for 1% at a $12.5 billion valuation. He called it a privilege to land a deal with the Dolphins’ owner and become a minority owner of the franchise. Before that, the minority record sat at $10 billion, set in 2025 when the New York Giants sold a stake to the Koch family. 

Interestingly, the Vinod Khosla group set the record for a controlling purchase in August, paying $9.612 billion for the Seahawks. The Dolphins figure covers a stadium, a Formula 1 race and a tennis tournament, not just a team. 

Sports Business Journal put the average of public estimates for the Dolphins’ value at $10.59 billion. Last year, Forbes valued the franchise alone at $7.5 billion. Interestingly, Ross has heard bigger numbers.

In January this year, he told a Bloomberg event that he had received offers close to $15 billion. However, he turned them down because he wants his son-in-law, Daniel Sillman, to play a key role once Ross is no longer the owner. During his experience with the Dolphins, all that is missing is “winning,” as Ross highlighted.

Ross reportedly refused to sell control of the franchise, making the minority stakes the only way into the ownership group. There are also some limitations, as owners voted in 2024 to let select private equity firms hold up to 10%. Also, such firms must hold any investment for a minimum of six years.

Currently, the Atlanta Falcons owner Arthur Blank, who owns 73% of the franchise, agreed to sell 7.5% of the Falcons to Arctos Partners. This is the first piece of a 10% deal at a $10.6 billion valuation.

Salata, 60, is the chairman of Swedish investment firm EQT AB. He founded Baring Private Equity Asia in 1997, later leading its management buyout in 2000 before the firm merged with EQT in 2022. Forbes estimated his net worth at $8.6 billion in September 2026. EQT’s official biography details his career in private equity, but there has been no public explanation of why he chose this particular investment or what returns he expects from it. 

The deal follows a series of minority sales that have pushed the portfolio’s implied valuation higher. Ross acquired control of the Dolphins in 2009 at a price that valued the franchise at approximately $1.1 billion, according to Forbes. In December 2024, Ares Management acquired a 10% stake, while Brooklyn Nets owner Joe Tsai and Oliver Weisberg took a combined 3%. The transaction valued the wider sports portfolio at $8.1 billion. The Dolphins’ official announcement said the investment would support continued growth across Ross’ sports and entertainment businesses.

In March 2026, Xiaomi co-founder Lin Bin acquired a 1% stake for approximately $125 million, implying a $12.5 billion valuation. The Dolphins described the investment as a non-controlling interest covering the franchise and Ross’ wider portfolio, including Hard Rock Stadium, the Miami Grand Prix and the Miami Open. Lin called it a privilege to become a minority owner of the franchise. The latest transaction moves the implied valuation slightly above that benchmark. 

Forbes’ September 2026 valuation puts the Dolphins’ standalone enterprise value at $10.4 billion, up from $7.5 billion in 2025. Its estimate includes $810 million in revenue and $198 million in operating income, measured as earnings before interest, taxes, depreciation, and amortisation.

 Sports Business Journal, meanwhile, reported an average of public estimates putting the franchise’s value at $10.59 billion. These figures are not directly interchangeable with the $12.5 billion-plus transaction valuation because the asset scope and valuation methods may differ. 

That distinction also matters when comparing the deal with the Seattle Seahawks’ recent sale. In August, a group led by Vinod Khosla agreed to acquire the Seahawks in a transaction reported at $9.612 billion. The sale was completed on September 3 after NFL owners approved it. 

Unlike the Dolphins deal, that figure represents the price paid for a controlling purchase of the franchise. The Dolphins’ higher implied valuation covers a broader portfolio, so it does not establish that the football team alone is worth more than the Seahawks. 

The Dolphins’ portfolio extends beyond the team and its stadium. Hard Rock Stadium hosts the Miami Grand Prix, college football, international soccer and major concerts, while the Miami Open brings a separate tennis audience to the property. Ross has invested more than $1 billion of his own money in modernising the stadium and surrounding properties since taking control in 2009. Those investments have helped turn the venue into a destination for events beyond the NFL schedule. Ross’ official Dolphins profile outlines the portfolio.

The wider business helps explain why the portfolio can attract investors even when the Dolphins are struggling on the field. NFL franchises benefit from national media-rights agreements and shared league revenues, while stadiums and associated event businesses can generate income outside the football season. The limited number of NFL franchises also makes ownership a scarce investment opportunity. A poor start can hurt a team’s immediate prospects, but it does not automatically erase the value of its underlying business.

For Salata, the attraction could lie in the potential for long-term appreciation and exposure to several sports-related businesses through a single investment. A minority stake also offers a way into NFL ownership without purchasing the entire franchise. However, the terms of his agreement have not been publicly disclosed, so it remains unclear whether he will receive regular distributions, what specific governance rights he has or how long he intends to hold the investment. The reported transaction does not establish his personal investment rationale.

Ross, meanwhile, has made clear that he is not looking to sell control of the Dolphins. At a Bloomberg event in January, he said he had received offers approaching $15 billion for the team and associated assets but wanted to keep the franchise in his family. “I’m going to keep it in the family,” Ross said, confirming that his son-in-law, Daniel Sillman, would play a key role in its future. Asked what was missing from his experience owning the Dolphins, Ross gave a blunt answer: “Winning.” 

His repeated minority sales are consistent with a strategy of realising some of the value of his investment while retaining control. They also bring additional investors into the portfolio. The Dolphins’ 2024 announcement explicitly said the Ares-led investment would support further growth, although the use of proceeds from Salata’s deal has not been disclosed.

The NFL’s changing ownership rules provide further context. In August 2024, league owners approved a policy allowing selected private-equity funds to acquire minority stakes in franchises. Qualifying funds can collectively own up to 10% of a team and must hold their investments for at least six years. Their stakes are passive and carry no voting power under the policy. 

Those rules help explain the broader market for minority investments, but they should not be confused with the terms of Salata’s individual purchase. His transaction is reported as an investment by Salata, not an acquisition by an EQT fund.

The New York Giants provide another benchmark. In 2025, the Koch family agreed to acquire a 10% minority stake in the franchise at a reported $10 billion valuation, setting a record for an NFL minority transaction at the time. The Dolphins’ latest deal has since moved that benchmark higher. The Falcons are also pursuing a minority sale: owner Arthur Blank has agreed to sell a 7.5% stake to Arctos Partners as part of a broader 10% transaction at a reported $10.6 billion valuation.

The next step is formal approval from NFL owners. The league’s finance committee has already approved Salata’s deal, and owners are expected to take it up at the fall meeting in New York. The Falcons’ transaction is also expected to be considered. Until the vote and closing are complete, the Dolphins deal remains an agreed transaction awaiting final league approval.