Miami Dolphins sale to Stephen Ross goes through

Miami Dolphins sale to Stephen Ross goes through
January 20
Miami Herald
" Wayne Huizenga's long-awaited sale of majority interest in the Miami Dolphins to Stephen Ross is official, the team announced Tuesday afternoon.

Huizenga has agreed to complete the sale to Ross in a deal that would give Ross 95 percent ownership in the franchise and leave Huizenga with 5 percent.

Ross had been looking for investors to come up with the financing needed to complete the purchase. But Huizenga has agreed to allow Ross to defer less than one-third of the payments to complete the transaction.

Huizenga has said the total value of the deal is $1.1 billion. Last year, Ross paid $550 million for 50 percent of the franchise and Dolphin Stadium.

Ross has been considering candidates for a CEO-type role on the business side. He earlier had discussions with former U.S. Tennis Association President Arlen Kantarian. Once the sale is completed, Dolphins executive vice president Bill Parcells would have a 30-day window in which he could collect the remaining $12 million on his four-year, $16 million contract and leave the franchise."
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