Ross becomes Miami Dolphins' majority owner
MIAMI (AP)ŚNew York real estate billionaire Stephen Ross became majority owner of the Miami Dolphins
on 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.