Why Would Stephen Ross, the owner of the Miami Dolphins, Reject an Incredible $10 Billion Offer to Sell the Team? Formula 1 and the Miami Grand Prix are to blame.
The Denver Broncos were sold for $4.65 billion in 2022, two years ago. The Washington Commanders sold for just more than $6 billion last year.
It is still less than the $10 billion that Miami Dolphins owner Stephen Ross was reportedly recently offered for his club and stadium, even though it is good money if you can make it.
Not insignificantly, for the rights to the Miami Grand Prix, which is essentially held in the parking lot of the stadium.
Although I wasn’t present at the 2022 Formula 1 race, it seemed like a huge success. Over three days, about a quarter of a million people attended. An further 2.6 million individuals observed the show. The anticipated economic impact of the event on the community was $350 million.
But even so, there were some issues, particularly for those who purchased more expensive tickets. Ross therefore invested more than $100 million in the construction of a permanent paddock-club structure next to the stadium as well as many pedestrian bridges to facilitate visitors’ exploration of various areas of the complex.
That was very effective. In 2023, the three-day event sold more tickets than all of the Dolphins’ home games combined.
Dolphins president Tom Garfinkel stated, “The ticket revenue for the race is about 25 percent more than the entire Dolphins season.” (Based on some quick arithmetic, the income from race tickets alone probably exceeded $180 million.)
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