Saturday, February 23, 2008

Huizenga sells half of Dolphins

Immediately following the season, there were reports that Wayne Huizenga was considering selling a portion of the team. Nothing materialized out of those reports until now.

According to the team's official site:
"A childhood dream is one giant step closer to becoming reality for South Florida’s own Stephen M. Ross as he is set to become part owner of the Dolphins. Ross, who lives in New York and Palm Beach, sat beside Dolphins owner Wayne Huizenga today inside the club level at Dolphin Stadium to discuss his proposed purchase of 50 percent of the franchise, stadium and surrounding 110 acres of developable land.

Ross, who is the Chief Executive Officer and Founder of the Related Companies, has agreed in principle to the $1.1 billion asking price and will pony up half of that amount once the deal is approved by the National Football League. Huizenga will remain the Managing General Partner while Ross will be an active partner with the opportunity to become the Managing General Partner down the road, but for now they will be equal partners, with Huizenga having final say...

Huizenga met this morning with Bill Parcells, Executive Vice President of Football Operations, to apprise him of the announcement and reiterated that Parcells will continue to report directly to him. Ross has yet to meet with Parcells but fully supported his hiring and is excited about the direction the team is headed."
By all accounts, this move is not in conflict with Huizenga's promise to Bill Parcells to remain as the majority owner during Parcell's tenure with the team. As long as that doesn't change, this move shouldn't have any major short term effects.

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