F1 News: Hedge Fund Billionaire to buy into Miami GP

Andy Slater at Fox Sports 640 reports that Billionaire Stephen Ross has a significant, non voting stake in the Miami Dolphins, Hard Rock Stadium and F1 Miami Grand Prix on the block.

Slater said Ross was in preliminary talks with hedge fund billionaire Ken Griffin. Forbes reports that other potential investors are also kicking the tires and that it is possible that more than one investor buys a piece of the assets.

One person familiar with the sale book says the enterprise value for a minority stake of the assets will exceed the $6 billion

And Ross is looking to invest more in sports and real estate, according to someone familiar with his plans. To fund future investments, it’s easy to understand why Ross would sell some equity. As one person put it to Forbes: “Valuations for sports properties are high (making equity cheap), and debt is expensive.”

Hedge fund billionaire Ken Griffin purchased the most expensive home in Miami history last year — a $107 million house in Coconut Grove.

He is also moving Citadel‘s HQ from Chicago to Miami.