Dolphins Get Record-Breaking $12.5B Valuation As Stephen Ross Sells 1% Stake of Franchise

The Miami Dolphins announced Tuesday that Bin Lin, co-founder and vice chairman of Xiaomi, has bought a one percent stake in the holding company that owns the NFL franchise and also Hard Rock Stadium, Formula 1's Miami Grand Prix and a part of tennis' Miami Open at a record-breaking valuation of $12.5 million.

"I am excited to have Bin Lin join us as a new strategic partner in our investment group," Dolphins' chairman and owner Stephen Ross said in a statement. "He is a dynamic and brilliant entrepreneur who brings a shared vision for innovation and joins us at an exciting time in our organization. Bin's investment will allow us to continue prioritizing the growth of the Dolphins and our other properties—ultimately allowing us to invest further into the South Florida region."

The NFL approved the minority, non-controlling interest sale on Tuesday. It's a major windfall for Ross, who bought the Dolphins for Ross $1 billion in 2009.

Lin will join Ares Management (10 percent stake), Joseph Tsai and Oliver Weisberg (three percent stake) and Bruce Beal Jr. as minority stakeholders in Ross' sports and entertainment portfolio.

"I am privileged to have the opportunity to invest in the Dolphins and the amazing sports business built by the great entrepreneur Ross," said Lin. "This world-class team operates not only the Dolphins but also the incredible Hard Rock Stadium and a host of renowned sporting events from Formula 1 racing to the Miami Open. As a huge sports fan, it's a wonderful investment and learning opportunity for me."

As Scott Soshnick, Eben Novy-Williams, Justin Birnbaum of Sportico reported in early March, "The deal comes as NFL valuations skyrocket. The average franchise in the 32-team league is worth $7.13 billion, up 20 percent from 2024. The Dolphins, which are controlled by real estate billionaire Ross, ranked seventh on that list, with an enterprise value of $8.25 billion. The New York Giants sold a 10 percent stake at a more than $10 billion last year, the previous high mark for a limited partner transaction."

In January, Ross said he's been offered around $15 billion to sell the Dolphins but plans to have son-in-law Daniel Sillman run the franchise once he steps down, while his daughters Jennifer and Kimberly are his designated successors.

The Dolphins have had an eventful offseason, appointing Jon-Eric Sullivan as general manager, Jeff Hafley as head coach and cutting a number of veterans, including Tyreek Hill and Tua Tagovailoa.