95% of the Dolphins sold
Miami, FL (Sports Network) - Miami owner Wayne Huizenga has reportedly agreed to sell 95 percent of the AFC East champion Dolphins to Stephen Ross on Tuesday.
According to a report in the Miami Herald, Huizenga will be left with five percent of the team in a deal he says is worth $1.1 billion. Last year Ross coughed up $550 million for 49 percent of the franchise and Dolphin Stadium.
Huizenga, who has been the team's majority owner since 1994, allowed Ross to defer less than 1/3 of the payments to complete the transaction.
Once the sale is completed, Miami executive vice president Bill Parcells will have 30 days to decide if he wants to remain with the team or collect the $12 million remaining on his four-year, $16-million contract.
Parcells has a stipulation in his contract that allows him to leave the team without forfeiting any salary if Huizenga were to sell the team. Although no official word has been issued, Huizenga has said he believes "The Big Tuna" will remain in South Beach.
According to a report in the Miami Herald, Huizenga will be left with five percent of the team in a deal he says is worth $1.1 billion. Last year Ross coughed up $550 million for 49 percent of the franchise and Dolphin Stadium.
Huizenga, who has been the team's majority owner since 1994, allowed Ross to defer less than 1/3 of the payments to complete the transaction.
Once the sale is completed, Miami executive vice president Bill Parcells will have 30 days to decide if he wants to remain with the team or collect the $12 million remaining on his four-year, $16-million contract.
Parcells has a stipulation in his contract that allows him to leave the team without forfeiting any salary if Huizenga were to sell the team. Although no official word has been issued, Huizenga has said he believes "The Big Tuna" will remain in South Beach.
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