Huizenga Sells 50% of Dolphins

Billionaire developer who grew up a Miami fan pays big bucks
By Mike Buss,  Newser Staff
Posted Feb 22, 2008 10:28 PM CST
Huizenga Sells 50% of Dolphins
Stephen Ross speaks during a news conference Friday, Feb. 22, 2008, in Miami, at which it was announced that Ross, a New York real estate developer, has agreed to buy half the Miami Dolphins from owner Wayne Huizenga for $550 million, with an opportunity to become managing general partner. Ross would...   (Associated Press)

(Newser) – Wayne Huizenga found a nice way to transition into his golden years, announcing he sold a 50% stake in the Miami Dolphins, their stadium, and surrounding land for $550 million. Buyer Stephen Ross, a billionaire real estate developer and South Florida native, will eventually assume majority ownership, reports the Miami Herald. He called it "a dream of a lifetime."

Huizenga pointed to estate planning as a reason for the difficult decision Plus, he added, "we don't need some old guy limping around here trying to run this franchise." Huizenga will retain a partner's role with the team until he dies, as will his family thereafter. Team executive Bill Parcells' role will not change, assured Huizenga. The NFL must still approve the deal. (Read more NFL stories.)

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