Tuesday, January 20, 2009

Franchise sale to become official today

Stephen Ross will officially become the Dolphins' majority owner today, when Wayne Huizenga completes the sale of the franchise.

The sale will give Ross 95% ownership of the team, while Huizenga will maintain a 5% share.

The sale had been on hold for some time as Ross struggled to line up his investors' financing, but Huizenga agreed to defer less than one-third of the payments in order to facilitate the transaction.

According to Barry Jackson of the Miami Herald,

Ross has been considering candidates for a CEO-type role on the business side. He earlier had discussions with former U.S. Tennis Association President Arlen Kantarian. Once the sale is completed, Dolphins executive vice president Bill Parcells would have a 30-day window in which he could collect the remaining $12 million on his four-year, $16 million contract and leave the franchise.

Parcells has declined to comment, but Huizenga has said that Parcells has indicated he will remain with the franchise.

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