Miami Dolphins owner Stephen Ross and CEO Tom Garfinkel are set to host their third Formula One Miami Grand Prix, a bold venture that has significantly boosted their NFL business. Recently, Ross received a staggering $10 billion offer for control of the Dolphins, Hard Rock Stadium, and the F1 Miami race. This offer, nearly matching the combined record-breaking sales of the Denver Broncos ($4.65 billion in 2022) and Washington Commanders ($6.05 billion in 2023), highlights the soaring valuations of NFL franchises and sports conglomerates. Sources with direct knowledge of the situation, who spoke anonymously due to its sensitive nature, revealed that Ross declined the offer to keep the assets within his family.
Ross and Garfinkel’s investment and vision have successfully elevated the Dolphins’ profile in Formula One. Their transformed stadium campus will host 90,000 attendees daily from Friday through Sunday, featuring reigning F1 champion Max Verstappen aiming for his third consecutive Miami win, alongside performances by artists like Ed Sheeran and Marc Anthony. Fans can enjoy various experiences, from a $450 campus pass to premium luxury areas costing $4,000 to $12,200, contributing to an expected economic impact of over $1 billion for South Florida, according to Jeremy Aguero, principal analyst for Applied Analysis.
Marc Ganis, founder of SportsCorp Ltd. and a consultant to NFL teams, praised the Dolphins’ stadium overhaul as one of the great sports business success stories of the past decade. He ranked the Dolphins’ operation among the top five in the NFL, highlighting its transformation into a successful, diversified regional sports entertainment operation. Since 2008, Ross has privately invested over $1 billion into the property, hosting Super Bowls, college football national title games, the upcoming Copa America final, and 2026 World Cup games. Their 2022 effort to create a world-class racetrack in their parking lot has already paid dividends for F1’s U.S. expansion.
F1 CEO Stefano Domenicali commended the Miami Grand Prix’s impact on the sport’s growth in the U.S., noting that it has become a destination event for fans and celebrities alike. Ross and Garfinkel’s commitment to bringing F1 to Miami, despite previous challenges, underscores their dedication. Miami now hosts one of three F1 events in the U.S., alongside the United States Grand Prix in Austin, Texas, and the Las Vegas Grand Prix.
Dallas Cowboys executive vice president Stephen Jones lauded the Dolphins’ innovative approach and aggressive pursuit of new revenue streams. “They’ve done an amazing job with the way they’ve brought their building along,” Jones said, praising Ross and his team for their visionary efforts.