The Miami Dolphins are going through a difficult stretch on the field, but their value as an NFL franchise continues to climb. Despite starting the season 0-5, the team is reportedly set to welcome a new billionaire minority owner as Stephen Ross looks to cash in on the franchise’s growing worth. The deal could also set a new record for the price paid for a non-controlling stake in an NFL team.

Ben Fischer of Sports Business Journal reported that Chilean billionaire financier Jean Eric Salata has a deal in place to pay a record price for a piece of the Dolphins. It turns out, Ross is selling 2.1% of the franchise and its affiliated businesses to Salata. The valuation lands slightly above Ross’ previous sale to Xiaomi co-founder Lin Bin for $12.5 billion. That makes it the highest ever for an NFL minority stake. 

Salata is 60 and chairs the Swedish investment firm EQT AB. EQT bought Baring Private Equity Asia, the Hong Kong firm he founded, in 2022. Forbes puts his net worth at $8.2 billion.

The price for the Dolphins has climbed fast. Ross bought the franchise for about $1 billion in 2009. In December 2024, Ares Management took 10%, and Joe Tsai and Oliver Weisberg took a combined 3%, at an $8.1 billion valuation. 

In March 2026, Lin Bin paid around $125 million for 1% at a $12.5 billion valuation. He called it a privilege to land a deal with the Dolphins’ owner and become a minority owner of the franchise. Before that, the minority record sat at $10 billion, set in 2025 when the New York Giants sold a stake to the Koch family. 

Interestingly, the Vinod Khosla group set the record for a controlling purchase in August, paying $9.612 billion for the Seahawks. The Dolphins figure covers a stadium, a Formula 1 race and a tennis tournament, not just a team. 

Sports Business Journal put the average of public estimates for the Dolphins’ value at $10.59 billion. Last year, Forbes valued the franchise alone at $7.5 billion. Interestingly, Ross has heard bigger numbers.

In January this year, he told a Bloomberg event that he had received offers close to $15 billion. However, he turned them down because he wants his son-in-law, Daniel Sillman, to play a key role once Ross is no longer the owner. During his experience with the Dolphins, all that is missing is “winning,” as Ross highlighted.

Ross reportedly refused to sell control of the franchise, making the minority stakes the only way into the ownership group. There are also some limitations, as owners voted in 2024 to let select private equity firms hold up to 10%. Also, such firms must hold any investment for a minimum of six years.

Currently, the Atlanta Falcons owner Arthur Blank, who owns 73% of the franchise, agreed to sell 7.5% of the Falcons to Arctos Partners. This is the first piece of a 10% deal at a $10.6 billion valuation.

Next week brings the vote that makes Ross’s record sale official. The NFL’s finance committee approved the Salata deal last month, and owners are expected to sign off at the league’s fall meeting in New York. They will take up the Falcons deal at the same meeting.