Dolphins sell stake to co-founder of major Chinese company, claim $12.5B valuation
· Yahoo Sports
The Miami Dolphins may be coming off a 7-10 season while incurring a record amount of dead salary cap hits this offseason, but they're still selling high − at least a small stake of the team.
The Fins are set to be partially owned by the co-founder of Xiaomi, a massive Chinese multinational company. The team announced on March 31 that it had sold a 1% stake of the franchise to Bin Lin, who also serves as a vice chairman of Xiaomi. Per Forbes, he's an American citizen who lives in Beijing and is worth more than $10 billion. His buy-in would be worth roughly $125 million given the Dolphins' claim that their valuation is now $12.5 billion, which would be a professional sports record − though that figure is also derived from chairman and owner Stephen Ross' investment in Hard Rock Stadium, the Miami Grand Prix and the Miami Open.
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“I am excited to have Bin Lin join us as a new strategic partner in our investment group,” Ross said in a statement. “He is a dynamic and brilliant entrepreneur who brings a shared vision for innovation and joins us at an exciting time in our organization. Bin’s investment will allow us to continue prioritizing the growth of the Dolphins and our other properties – ultimately allowing us to invest further into the South Florida region.”
The NFL approved the sale, which is expected to become official in the coming days.
Per the Dolphins, "Bin Lin co-founded Xiaomi in 2010 and grew it to become one of the world’s most innovative consumer electronics companies. Its product lines include smartphones, smart TVs, wearables, home appliances, and recently electric vehicles. He earned a master's degree from Philadelphia's Drexel University in 1992 and worked as a software engineer at Microsoft and Google for over 15 years before co-founding Xiaomi."
This year has already been marked by massive changes in South Florida, the Dolphins hiring a new general manager (Jon-Eric Sullivan) and head coach (Jeff Hafley) while purging quarterback Tua Tagovailoa − among several other notable roster changes, including the recent trade of Jaylen Waddle.
“I am privileged to have the opportunity to invest in the Miami Dolphins and the amazing sports business built by the great entrepreneur Stephen Ross,” Lin said. “This world-class team operates not only the Dolphins but also the incredible Hard Rock Stadium and a host of renowned sporting events from Formula 1 racing to the Miami Open. As a huge sports fan, it's a wonderful investment and learning opportunity for me.”
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This article originally appeared on USA TODAY: Miami Dolphins owner sells stake to co-founder of major Chinese company