In the world that Miami Dolphins fans live in, 1% is nothing. It's the number we all wish we could pay on a car loan interest rate. For Stephen Ross, it's equivalent to more money than any one of us will see in a lifetime.
It has been announced that the Dolphins' owner is selling yet another percent of his prized football team. This time to tech billionaire Lin Bin. It won't matter, Bin won't be in the line of succession, but it is notable because that 1% will give Ross $125 million.
The sale of this tiny fraction of the Dolphins is notable because it comes on the heels of a record-setting valuation of the franchise. Now, the Dolphins owner can part ways with Tua Tagovailoa even more easily.
Record-setting valuation of Miami Dolphins could lead to more sell off of the franchise
The Dolphins have been valued at $12.5 billion per multiple reports regarding the 1% sale to Bin. That is $125 million into Ross's pocket. What is interesting is that last year, the Dolphins' owner sold 13% to an investment group. At the time, the valuation of the team was $8.1 billion.
That's a big jump for the Dolphins' value, but it makes the investment a steal comparatively speaking.
Miami is in an interesting period that would have led most to believe the team might be worth less than the previous valuation. With a coaching change, salary cap issue, and uncertain future, the rise of the team's value is a bit surprising.
Bin is an interesting investor on his own. His net worth is projected to be in the $18 billion range. Bin made his money through the tech industry that started at Microsoft. He would later be the co-founder of tech firm Xizomi.
The investors' future with the Dolphins will be in name only, as the succession plan for Ross is to hand the team over to his daughters to own and his son-in-law to run. Over the last year or two, there have been hints that Ross could be closer to taking a step back.
At his introduction of Jon-Eric Sullivan and Jeff Hafley, he seemed a bit lost at times during his time at the microphone. However, Ross has maintained that he will not step back anytime soon. The original plan was for Bruce Beal to take over the team, but his involvement with the tampering of Tom Brady ended any chance of him gaining control of the team when Ross finally steps down.