Stephen Ross sells sliver of Dolphins at record valuation

Published October 16, 2026 12:48 PM There’s a general belief that equity in an NFL franchise is more valuable when it comes with control. That general belief continues to be debunked.The record valuation for controlling interest in a franchise, following the sale of the Seahawks to a Steelers fan whose preferred team currently has a better record, is $9.612 billion. Multiple minority, non-controlling shares have gone for more than that.And there’s now a new high-water mark.Via Ben Fischer of Sports Business Journal, Dolphins owner Stephen Ross has agreed to sell 2.1 percent of the team and its affiliated businesses at a valuation slightly above $12.5 billion, to Chilean billionaire Jean Eric Salata. Earlier this year, Ross agreed to sell one percent of the team to Lin Bin at a valuation of $12.5 billion.It’s not quite apples to apples. Salata will get a piece of the Dolphins, Hard Rock Stadium, the F1 Hard Rock Miami Grand Prix, and the Miami Open tennis event. Regardless, the numbers keep going up. And up. And up.On-field success obviously doesn’t matter. It’s a rare asset, and plenty of rich people are happy to pay a lot of money for the privilege of owning what amounts to a very expensive vanity plate.Sure, the asset will appreciate. And there will undoubtedly be dividends. But it’s a lot of money to plunk down for a very small piece of an NFL team.