Formula 1 News: The Miami GP has new minority stakeholders

Stephen M. Ross has confirmed the sale of 13% of his stake in the Miami Dolphins, including the Miami GP, to new minority investors. This move sees Ares Management and Brooklyn Nets owners Joe Tsai and Oliver Weisberg joining as minority stakeholders.

As part of this deal, Ares Management will acquire a 10% stake, while Joe Tsai and Oliver Weisberg will have a combined 3% interest. The assets involved include the Miami Dolphins, Hard Rock Stadium, and the Formula 1 Crypto.com Miami Grand Prix, collectively valued at $8.1 billion. The sale was approved during the NFL meeting on December 11, representing the league’s first private equity transaction.

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Ross, a South Florida native who acquired the Miami Dolphins in 2009, has spent 15 years investing in and revolutionizing South Florida’s sports and entertainment landscape. He has spearheaded and privately financed more than $1 billion of sweeping modernization efforts in the region, elevating Hard Rock Stadium into a premier global sports and entertainment destination.

These upgrades have secured the stadium’s role as a host for marquee events that have generated billions in economic impact for South Florida, including Super Bowl LIV, the Formula 1 Crypto.com Miami GP, the Miami Open tennis tournament, the 2026 FIFA World Cup and high-profile concerts like Taylor Swift’s Eras Tour.

Max Verstappen of the Netherlands driving the (1) Oracle Red Bull Racing RB20 leads the field into turn one at the start during the Sprint ahead of the F1 Grand Prix of Miami at Miami International Autodrome on May 04, 2024 in Miami, Florida. (Photo by Mark Thompson/Getty Images) // Getty Images / Red Bull Content Pool

According to Ross, the selection of Ares Management and Joe Tsai as partners align with his vision. Ares Management, known for its global investment portfolio, manages $464 billion in assets and makes its entry into NFL ownership through this deal. This adds to its existing sports investments in Inter Miami CF and McLaren Racing. Meanwhile, Joe Tsai, the co-founder of Alibaba Group and owner of Brooklyn Nets, brings a wealth of experience in managing high-profile sports and entertainment assets.

In a statement about the new partnership, Ross said:

“As we continue our relentless pursuit of building a best-in-class organization, we were fortunate to attract significant interest from multiple investors, which gave us the opportunity to be highly selective in choosing partners who align with our core values and long-term vision.

“I couldn’t be happier to welcome Ares, Joe, and Ollie to our investment group. They each bring invaluable expertise to the table, with a shared commitment to innovation, growth and doing things first class. Together, with the resources from this transaction, we will prioritize continued investment into the Dolphins, additional sports assets and South Florida real estate to fuel dynamic growth and innovation in the region for years to come.”