Dolphins owner to sell 50 percent of franchise

By Simon Evans

MIAMI (Reuters) - Miami Dolphins owner Wayne Huizenga said on Friday he was selling 50 percent of the NFL franchise to real estate developer Stephen Ross.

Huizenga told a news conference that Ross would pay half of the price of the Dolphins which he said was $1.1 billion.

Under the agreement Huizenga will remain the Managing General Partner of the franchise although Ross could take control at a later date.

"He is buying 50 percent now and Steve will have the opportunity sometime in the future at his choice to become the managing general partner," said Huizenga who added he was unable to say when that may happen.

"There is no timeframe. There is a formula. That is one of the things the league does not want us to discuss at this time....but he will have a choice in the future," said Huizenga.

Huizenga became full owner of the Dolphins in 1993 and has previously owned and sold the Florida Marlins baseball team and the Florida Panthers NHL hockey team.

He said he had been unsure about selling the Dolphins but that it made sense for his family and the franchise.

"My heart does not want me to do this, but my head tells me it is the right thing to do at this time. We don't need some old guy limping around here trying to run this franchise," said the 70-year-old.