Related's Ross Gets Dolphins Real Estate

NEW YORK CITY-International law firm Paul, Hastings, Janofsky & Walker LLP represented locally based Stephen Ross, chairman and CEO of the Related Cos., in his 50% purchase of the Miami Dolphins franchise, Dolphin Stadium and certain adjacent real estate. The transaction, subject to NFL approval, is valued at approximately $1.1 billion.

The law firm explains to GlobeSt.com that the information regarding the adjacent real estate that was purchased “is still on the table” and “is likely to be settled next week;” however, they did confirm that it will include developable land. The developable land mentioned, according to a press conference on Feb. 22, includes 110 acres around the stadium. A Related spokesperson tells GlobeSt.com that they are not going to comment until they receive NFL approvals.

Prior to the transaction, H. Wayne Huizenga, an individual and resident of Florida, owned, both directly and indirectly, 100% of the outstanding equity interests in the Miami Dolphins franchise, Dolphin Stadium and certain adjacent real estate including County Line South Properties Ltd. and Dolphin Center Properties. In the press conference announcing the transaction, Huizenga, who will remain the managing general partner, said that sometime in the future, Ross will have the opportunity to take on that role. “There is no timeframe. There is a formula,” he said referring to at what point Ross will have the opportunity to purchase full interest in the team.