Bin Lin, the co-founder and vice chairman of Xiaomi, is acquiring a 1% stake in the Miami Dolphins as part of a massive deal involving the team's entire sports and entertainment portfolio, according to Adam Schefter of ESPN.
The transaction, which involves a portion of Stephen Ross’s holdings, includes a 1% share of Hard Rock Stadium, the Formula 1 Miami Grand Prix, and the Miami Open tennis tournament. The deal is being executed at a record-setting valuation of $12.5 billion, setting a new benchmark for professional sports franchises and their associated real estate and event assets.
Stephen Ross has reportedly been looking to sell a minority portion of his sports empire for several months. By including the stadium and the high-profile racing and tennis events, the valuation reaches unprecedented heights for an NFL-related transaction. Bin Lin's entry marks a notable infusion of international tech capital into the South Florida sports landscape.
This is a developing story. Check back for updates.
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