Ares Management Corporation (NYSE:ARES) and Joe Tsai and Oliver Weisberg owners of Brooklyn agreed to acquire 13% stake in Miami Dolphins Ltd from Stephen Ross. on December 11, 2024. Ares will acquire a 10% stake, while Tsai and Weisberg together will hold a 3% interest, pending final closing of the agreements.
The minority, non-controlling interest sale was approved by the NFL. Edward D. Herlihy, Eric M. Feinstein, Jeannemarie O'Brien and Joshua M. Holmes of Wachtell, Lipton, Rosen & Katz LLP acted as legal advisors for Miami Dolphins Ltd. BDT & MSD Partners, LLC acted as financial advisor for Miami Dolphins Ltd. The transaction is expected to close in the coming days.