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The Dolphins Are Now a $12.5 Billion Team: Stephen Ross Sells a Small Slice for $262 Million

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The Miami Dolphins do not need wins to make money. Owner Stephen Ross has sold a 2.1 percent stake in the team and its related properties for about $262 million, in a deal that values the Dolphins slightly above $12.5 billion, a new NFL record for a minority stake.

The buyer is Jean Eric Salata, chairman of the private equity firm EQT AB, a Chilean-born billionaire whose net worth is estimated at $8.4 billion. The slice he bought is bigger than the team alone: it also covers Hard Rock Stadium, the Formula 1 Miami Grand Prix, and the team’s interest in the Miami Open tennis tournament. The NFL’s finance committee approved the sale last month, with league owners expected to sign off in New York.

Now put the number in perspective. Ross bought the Dolphins for about $1 billion in 2009. In December 2024, minority stakes sold at an $8.1 billion valuation. In March of this year, 1 percent went for about $125 million at the same $12.5 billion level. Ross said in January he had once been offered nearly $15 billion for the whole team, and the record price for control of a franchise is the $9.612 billion paid for the Seattle Seahawks in August.

The money, in plain words: a tiny slice of an NFL team, with no control attached, now costs more than entire franchises did a generation ago. Scarcity is the business model: there are only 32 of these, and billionaires are lining up to own a piece of one at almost any price.

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Tom Lee Called 7,700 by Christmas. The Market Got There in October, So He Moved His Target to 8,000

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October 29, 2026

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Wall Street’s loudest bull just got his number early. Last December, Fundstrat strategist Tom Lee set a year-end 2026 target of 7,700 for the S&P 500, one of the most bullish calls on the Street at the time. On October 20, the index closed at 7,713, hitting Lee’s year-end number with more than two months to spare. Lee has since raised his target to 8,000.

To be clear on whose view this is: these are Lee’s calls, made publicly by Fundstrat, and we are reporting them the way we report any analyst’s call, with his name on them. They are not our recommendation, and this article is not financial advice.

The interesting part is the gap between the call and the product. Lee’s Granny Shots ETF, ticker GRNY, built around Fundstrat’s themes and holding 42 large-cap U.S. stocks, is up 10.4 percent this year. That trails the S&P 500’s 12.7 percent gain and the Nasdaq-100’s 16.8 percent, in the very year his headline call landed. In 2025 the fund returned 24 percent, ahead of the index’s 17.7 percent.

He is not alone in that gap. In the first half of 2026, 67 percent of U.S. large-cap funds did worse than the S&P 500 itself, according to the S&P Dow Jones Indices scorecard.

The money, in plain words: calling the market right and beating the market are two different skills. Lee nailed the first one this year. The second one is beating almost everybody, including, so far, him.

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