Ross completes Fins’ purchase
MIAMI (AP) – New York real estate billionaire Stephen Ross became majority owner of the Miami Dolphins Tuesday, completing his purchase of 95 percent of the franchise for $1 billion, with Wayne Huizenga retaining a 5 percent interest.
The two businessmen reached an agreement to complete a deal forged last February. At that time Ross bought 50 percent of the franchise, Dolphin Stadium and surrounding land from Huizenga for $550 million, with an agreement that Ross would later become managing general partner.
Ross closed on the purchase of an additional 45 percent Tuesday. That part of the agreement received pre-approval from the NFL in October.
Huizenga, 71, became sole owner of the Dolphins in 1994. A year ago he said it was time for another person to assume control.
Ross takes over with the franchise’s fortunes on the upswing. When the first phase of his purchase was completed, the Dolphins were coming off a 1-15 season, worst in franchise history. Under the new Bill Parcells regime, they improved to 11-6 this season and made the playoffs for the first time since 2001.
The sale triggers a clause in Parcells’ contract allowing him to leave and still receive the $9-12 million remaining on his four-year contract. After the team lost in the first round of the playoffs, Huizenga said Parcells had decided to remain for another season.