Miami Dolphins owner Stephen Ross has found another billionaire willing to pay a record price for a sliver of his franchise, even as the team sits winless at 0-5 and ranks near the bottom of the NFL.
Jean Eric Salata, a Chilean-born private equity billionaire, struck a deal to buy a 2.1% stake in the Dolphins and Ross’ related sports properties at a valuation slightly above $12.5 billion, according to Sports Business Journal’s Ben Fischer. That sets a new NFL high for a minority deal.
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Who is Jean Eric Salata?
Salata, 60, chairs Swedish investment firm EQT AB, which acquired Baring Private Equity Asia, the Hong Kong firm he founded, in 2022. He’s worth an estimated $8.4 billion.
He was born in Chile, but his family moved to Erie, Pennsylvania, when he was 5. He earned his bachelor’s degree at Penn and worked at Bain & Co. in Boston before building his fortune in Asia.
Along with the team, the EQT chairman’s stake includes stakes in Hard Rock Stadium, the F1 Hard Rock Miami Grand Prix, and the organization’s interest in the Miami Open. The NFL’s finance committee approved the sale last month, and owners are expected to sign off when they meet in New York next week.
Dolphins valuation climbs past $12.5 billion
Miami Dolphins quarterback Malik Willis (2) runs with the ball against the Cincinnati Bengals | Rich Storry-Imagn Images
Ross’ Miami holdings have quickly gained value. In December 2024, Ares Management bought 10% and Brooklyn Nets owner Joe Tsai and minority partner Oliver Weisberg combined for 3% at an $8.1 billion valuation.
In March, Xiaomi co-founder Lin Bin paid about $125 million for 1% at $12.5 billion and said he was “privileged to have the opportunity to invest in the Miami Dolphins and the amazing sports business built by the great entrepreneur Stephen Ross.” Salata’s 2.1% at a slightly higher number puts his price above $262 million.
Ross bought the Dolphins for about $1 billion in 2009, and he said in January that he’d been offered nearly $15 billion for the team.
Minority stakes typically sell at a premium, so the figure doesn’t compare directly to a full-team sale. The record for a control purchase is the $9.612 billion the Khosla family paid for the Seahawks, a deal owners unanimously approved in August.
Owners will also vote next week on Atlanta Falcons owner Arthur Blank’s sale of 7.5% to Arctos Partners. That’s the first tranche of a 10% deal at a $10.6 billion valuation, and 10% is the most a private equity firm can hold in an NFL team.
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Why Miami’s 0-5 isn’t factor in valuation
Investors keep paying record prices while Miami enters its Week 6 bye with the NFL’s worst point differential at minus-62. Running back De’Von Achane won’t return until 2027 after a knee injury, and the offense has struggled to score without him.
General manager Jon-Eric Sullivan rebuilt the roster to get “younger and cheaper” in his first season with coach Jeff Hafley, so the Dolphins are carrying a league-record $180 million in dead cap. South Florida’s sports media has already moved on from the season.
Buyers are paying for the complex Ross built around the team, since Hard Rock Stadium hosts the Miami Grand Prix and the Miami Open and hosted 2026 World Cup matches. Ross, 86, named his daughter Jennifer as his successor in 2022 and has refused to sell control, so minority stakes like Salata’s are the only path into the Dolphins’ ownership group.
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