Stephen Ross Sells 2.1% of Dolphins for $12.5B to Chilean Billionaire

• Stephen Ross sold 2.1% of the Miami Dolphins and its affiliated businesses for $12.5 billion.
• The buyer is Chilean billionaire Jean Eric Salata.
• This transaction follows a previous sale of 1% of the team to Xiaomi co-founder Lei Jun in March.
• The sale sets a record for the valuation of a minority, non-controlling share in an NFL franchise.
• The deal underscores the increasing value of equity in NFL franchises, even without control.