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
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...   (Associated Press)
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(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.