While Miami Dolphins owner H. Wayne Huizenga is certainly disappointed with his team's 1-13 season, his interest in possibly selling the team and Dolphin Stadium has less to do with losses and more to do with estate planning and the type of offers he might receive.
Huizenga has been entertaining offers for the team from potential suitors for years, including recent talks with a pair of real estate developers, Stephen M. Ross and Jorge M. Perez. He turns 70 on Dec. 29 and has been planning for the future, divesting himself of public companies such as Boca Resorts, which he sold in 2004, and stepping down from the boards of AutoNation and Republic Services.
He is also concerned about the succession plan for the Dolphins, because his children are not interested in carrying on ownership of the team, sources said.
It was, after all, Huizenga who benefited from an estate situation when the Robbie family said it was forced to sell at least part of the Dolphins to pay off the late Joe Robbie's estate taxes. In 1990, Huizenga bought 15 percent of the team and 50 percent of the stadium for $30 million. In 1994, he completed purchases of the team and stadium for $138 million.
Huizenga wasn't talking about a possible sale Sunday, when his Dolphins beat Baltimore in overtime for their first win of the season.
"It you want to talk, I'll talk, but not about that," Huizenga said.
The team released a statement from Huizenga on Saturday saying he wasn't "actively looking to sell" the team. In 2000, he announced he would consider selling a minority stake for estate planning purposes.
A source said he believed Huizenga wouldn't accept less than $1 billion. In September, Forbes valued the team at $942 million.
The recent talks involve Ross, chairman and CEO of the Related Companies in New York, who would lead a bid that could include Perez, founder and chairman of Miami-based Related Group. But Huizenga is said to be so upset Perez leaked information about a possible deal that it could strain talks.
Hall of Fame linebacker Nick Buoniconti, who knows both Ross and Perez, said they would make good owners.
"They are both quality people, and if there is an ownership change, they are going to do what they have to do to make this team a winner," said Buoniconti, who plays golf with Ross, who has two homes in Palm Beach. "(They) would be like Wayne. I think Jorge has a burning desire to probably get more involved, Steve would probably not get as involved as Jorge. Jorge being a local guy, someone who has been successful...I'm sure he's going to want to put people in the position that they will make the right decisions to bring this franchise back."
Hall of Fame fullback Larry Csonka said he would have been happy to play for Huizenga.
"He's very direct, that's why he's been so successful in business," Csonka said. He's not a guy that changes. He is what he is."
Source : http://www.tradingmarkets.com/
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