NFL approves sale of limited interest in the Dolphins

The NFL approved the sale of part of the Dolphins to a pair of limited investors at league meetings on Wednesday.

Ares Management will purchase 10 percent of the team and other assets, including Hard Rock Stadium and the Miami Grand Prix, controlled by Dolphins owner Stephen Ross. Joe Tsai and Oliver Weisberg, who also own the Brooklyn Nets in the NBA, will purchase three percent of the team and the other assets.

"As we continue our relentless pursuit of building a best-in-class organization, we were fortunate to attract significant interest from multiple investors, which gave us the opportunity to be highly selective in choosing partners who align with our core values and long-term vision," Ross said in a statement. "I couldn't be happier to welcome Ares, Joe, and Ollie to our investment group. They each bring invaluable expertise to the table, with a shared commitment to innovation, growth and doing things first class. Together, with the resources from this transaction, we will prioritize continued investment into the Dolphins, additional sports assets and South Florida real estate to fuel dynamic growth and innovation in the region for years to come."

The purchases create an $8.1 billion valuation for the Dolphins and the other assets included in the deal. It is one of multiple deals that the NFL has approved on Wednesday that involve investment from Ares Management and other private equity funds.