Ross Dolphins buy is just a 'football play,' says lawyer

Real Estate Weekly,  March 5, 2008  by Daniel Geiger

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Rew-online.com spoke with a lawyer involved in Stephen Ross's 50% acquisition of the Miami Dolphins and asked about what appeared to be the conspicuous inclusion in reports covering the deal that Ross had purchased not only a stake in the team, but in the stadium and surrounding developable land.

Ross is a well-known football fan--in an interview with Real Estate Weekly he once said that he wished he could have played for the football powerhouse University of Michigan, where he received his undergraduate degree--but with the mention of the land as part of the deal, we couldn't help but wonder if Ross hadn't bought the team also for all the retail and commercial development opportunity.

"It's just a football play," the lawyer told us, meaning that Ross doesn't have immediate plans for the land.

As for the stadium itself, it is considered one of the NFL's better stadiums and is currently undergoing renovations. It is also scheduled to host the 2010 Super Bowl.

Ross paid $550 million to own half of the team, money that, according to the lawyer, came right out of the pocket of the Forbes 68th richest person.

"He just wrote a check," the lawyer said.

COPYRIGHT 2008 Hagedorn Publication
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