Bloomberg: Joe Tsai close to purchasing 3% of NFL’s Miami Dolphins, Hard Rock Stadium
Joe Tsai’s interest in pro sports assets may soon be taking another turn with a report that he is interested in acquiring a small stake in the NFL’s Dolphins. Back in April, Oliver Weisberg, head of Blue Pool Capital, Joe and Clara Wu Tsai’s family investment vehicle told an investment symposium in Hong Kong that the Tsais were interested in making other investments in pro sports, considering them an “actual asset class,” — like stocks, bonds or real estate — and one with a lot of potential.
“We believe that the rising interest in live sports, and the increasing growth in media rights, that’s something we’re super excited about,” said Weisberg, who’s also an alternate governor of the Brooklyn Nets.
Weisberg specifically noted how a number of sports were attractive, including women’s sports, the NBA, NHL and NFL. According to Bloomberg News report late Tuesday, Blue Pool is close to buying a 3% interest in the Dolphins, the Hard Rock Stadium and Miami Grand Prix, from New York real estate developer Steve Ross. The Miami Grand Prix, Ross’s Formula 1 racing event, is also part of the deal.
Bloomberg did not reveal the price tag for the properties but said the sales puts the value of Ross’s assets at $8.1 billion, meaning a 3% holding would be worth nearly a quarter billion dollars. Ares Management, a New York hedge fund, is also involved. According to Bloomberg, Ares will purchase 10%.
According to Bloomberg, the sides are in “advanced talks” with a target date for approval being the NFL’s ownership meeting in December but suggested that nothing is final.
The potential deal could become the NFL’s first private equity transaction after the league changed its ownership rules earlier this year to allow institutional investors. However, the agreement is still being negotiated and may change or fall apart.
Tsai, currently executive chairman of Chinese e-commerce giant Alibaba, has expressed interest in both the NFL and Formula 1 in the past. With the recent sale of a 15% stake in BSE Global, the parent company of the Nets and Liberty, to members of the Koch family for $686 million, the Tsais were able to add significant working capital for future asset purchases. There is no indication that the Tsais have any interest in selling any more of BSE. The Koch family members, Julia Koch and her three children, do have the right of first refusal on a future sale of the remainder of BSE.
David Koch Jr., one of the three Koch children involved in the deal, recently joined the Nets as a basketball operations assistant. There were reports at the time of the sale that Koch is interested in running an NBA franchise in the future.
BSE Global has not yet responded to a NetsDaily inquiry about the Bloomberg report.
Miami Dolphins Owner Nears Selling Stakes to Ares, Joe Tsai ($) - Randall WIlliams - Bloomberg
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