""I am privileged to have the opportunity to invest in the Miami Dolphins and the amazing sports business built by the great entrepreneur Stephen Ross. This world-class team operates not only the Dolphins but also the incredible Hard Rock Stadium and a host of renowned sporting events from Formula 1 racing to the Miami Open. As a huge sports fan, it's a wonderful investment and learning opportunity for me.""
""The $12.5 billion valuation is the highest for a minority transaction in professional sports. The deal includes Hard Rock Stadium, the Formula 1 Miami Grand Prix and the Miami Open, showcasing the diverse assets associated with the Dolphins organization.""
Lin Bin, co-founder of Xiaomi, is acquiring a 1% stake in the Miami Dolphins for a record valuation of $12.5 billion. The NFL approved the minority interest sale, which includes Hard Rock Stadium and major events like the Formula 1 Miami Grand Prix. Bin expressed excitement about investing in the Dolphins and learning from the sports business led by Stephen Ross. The Dolphins are currently undergoing an organizational rebuild with new management. Ross previously bought the team for $1 billion in 2009 and has made other minority sales recently.
Read at Fortune
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