Stephen Ross Turned Down a $10 Billion Bid to Buy the Miami Dolphins

Stephen Ross, the billionaire real-estate magnate, is gearing up for the Miami Grand Prix this weekend—and he has no plans to give up the Formula 1 event anytime soon.

Ross recently turned down a $10 billion offer to take over his sports enterprise, which includes the grand prix, the Miami Dolphins, and Hard Rock Stadium, USA Today reported on Wednesday. The businessman rejected the offer because he wants to keep the ventures within his family, two people with knowledge of the situation who asked to remain anonymous told the newspaper.

“I put the Dolphins’ entire operation, not just the team, in the Top 5 in the NFL,” Marc Ganis, the founder of SportsCorp and a consultant who has worked with sports teams, told USA Today. “It’s the transformation of the entire operation to arguably the most successful, diversified, regional sports entertainment operation in the country—and by the way, let me just say—and globally in the world.”

The eye-popping number proposed to Ross is notable because the Dolphins and Ross’s other holdings haven’t been valued so steeply before. In August, Forbes deemed the NFL team the 11th most valuable in the league, at just $5.7 billion. And earlier this year, it called Ross’s entire sports empire the 16th most valuable globally, at only $6.9 billion. Now, though, with a $10 billion offer on the table, those projections may shift.

Last year, the Citadel founder Ken Griffin was in talks to buy a minority stake in Ross’s conglomerate at a $7.5 billion valuation, USA Today noted. That potential sale ended amicably without a final deal being made, and Griffin is not the same person who just put in the $10 billion bid, sources with knowledge of the proceedings told the newspaper.

Even though it doesn’t sound like Ross will be giving up majority control in the near future, the recent offer demonstrates just how valuable the Miami sports scene has become. The upcoming Miami Grand Prix is expected to bring some $1 billion to South Florida, an analyst told USA Today. And the CEO of Formula 1 emphasized to the outlet just how important the Miami event has been for racing.

“Miami joining Formula 1 has been huge for the sport in the United States, and the vision and enthusiasm Stephen Ross and [Dolphins CEO] Tom Garfinkel have for the event is incredible,” Stefano Domenicali said in a statement. “The event has quickly established itself as a destination for our fans, as well as the biggest stars from across music, sport, and entertainment. We continue to see our fanbase grow across the country on all our platforms and standout events like the Miami Grand Prix are a huge driver of this.”

Ross seems to realize that—and he’s wants to retain that influence for a little while longer.