Dolphins owner Wayne Huizenga has told several sources -- both inside and outside of the organization -- he is considering selling the team and the stadium because of his continued frustrations with Miami's current winless state.
His asking price would be between $1.1 billion and $1.2 billion, a high-end source has told The Miami Herald.
Huizenga declined to comment through the Dolphins media relations department and on Friday was not made available to speak with reporters as he left the team's Davie practice facility. Four sources have confirmed Huizenga's state of mind to The Herald
Huizenga has spoken to several confidants outside of the organization, voicing those same frustrations while even naming potential suitors who would be willing to enter into negotiations.
Sources within the organization are also aware of Huizenga's growing discontent and potential desire to sell the team. Huizenga has in the past said the Dolphins are not for sale, but always added the caveat that he would consider any serious offer.
A source with the Florida Panthers told The Herald this week that, at one point last year Huizenga spoke with advertising executive (and Panthers minority owner) Jordan Zimmerman about potential interest. Those talks were very preliminary, and they did not materialize into anything nearly as serious as Huizenga's current considerations.
Zimmerman told The Herald this week he is not interested in buying the team at this point.
The Dolphins are currently the only NFL team without a victory. The team has three more opportunities to win a game and avoid becoming the first NFL team ever to lose every game in a 16-game season.
Forbes Magazine this year valued the Dolphins at $942 million, with a revenue stream of approximately $215 million. The valuation makes the Dolphins the 15th-priciest NFL franchise. The Dallas Cowboys, by comparison, were the highest valued at $1.5 billion. The Minnesota Vikings were the lowest at $782 million.
The Dolphins organization and Dolphin Stadium would be offered as a package deal assuming a sale happens. Huizenga purchased the team from the Robbie family in 1994 for $138 million.
It is interesting that Huizenga has made comments about selling despite his recent commitment to spend approximately $250 million to upgrade Dolphin Stadium, with the final phase of that upgrade to be completed by 2009.
When Huizenga initially agreed to purchase the team, he needed to wait more than three years before officially becoming the team's owner because of the league's cross-ownership policy, which was altered in 1997 to allow controlling interest in other sports.
Since, however, his investment has gained $804 million in worth.
When he purchased the NFL team, he also owned the Marlins and the Panthers, which he brought to South Florida. He has since sold his interests in both the baseball and hockey organizations.
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