There's a general belief that equity in an NFL franchise is more valuable when it comes with control. That general belief continues to be debunked.
The record valuation for controlling interest in a franchise, following the sale of the Seahawks to a Steelers fan whose preferred team currently has a better record, is $9.612 billion. Multiple minority, non-controlling shares have gone for more than that.
And there's now a new high-water mark.
Via Ben Fischer of Sports Business Journal, Dolphins owner Stephen Ross has agreed to sell 2.1 percent of the team and its affiliated businesses at a valuation slightly above $12.5 billion, to Chilean billionaire Jean Eric Salata. Earlier this year, Ross agreed to sell one percent of the team to Lin Bin at a valuation of $12.5 billion.
It's not quite apples to apples. Salata will get a piece of the Dolphins, Hard Rock Stadium, the F1 Hard Rock Miami Grand Prix, and the Miami Open tennis event.
Regardless, the numbers keep going up. And up. And up.
On-field success obviously doesn't matter. It's a rare asset, and plenty of rich people are happy to pay a lot of money for the privilege of owning what amounts to a very expensive vanity plate.
Sure, the asset will appreciate. And there will undoubtedly be dividends. But it's a lot of money to plunk down for a very small piece of an NFL team.