With additional purchase, Ross becomes majority owner of Dolphins
Associated Press
MIAMI -- New York real estate billionaire Stephen Ross became majority owner of the Miami Dolphins on Tuesday, completing his purchase of 95 percent of the franchise for $1 billion, with Wayne Huizenga retaining a 5 percent interest.
The two businessmen reached an agreement to complete a deal forged last February. At that time Ross bought 50 percent of the franchise, Dolphin Stadium and surrounding land from Huizenga for $550 million, with an agreement that Ross would later become managing general partner....
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The sale triggers a clause in Parcells' contract allowing him to leave and still receive the $9-12 million remaining on his four-year contract. After the team lost in the first round of the playoffs, Huizenga said Parcells had decided to remain for another season.
Ross gave Parcells an endorsement Tuesday.
"I want to assure Dolphin fans that I share Wayne's same passion to win and will do everything I can to support Bill Parcells in his leadership of football operations," Ross said in a statement.
