Steve Ross Acquires Stake in Miami Open: A Step Towards Sports Dominance in South Florida
Introduction
Billionaire investor Steve Ross is set to make headlines once again as he approaches a deal to acquire a 45% stake in the prestigious Miami Open tennis tournament. This move aligns with Ross’s ongoing commitment to enhancing his portfolio in the sports sector and real estate in South Florida.
A Strategic Play for Sports Investment
According to Front Office Sports, this acquisition is part of a broader strategy involving the sale of the Miami Open by its current owner, Endeavor, to a consortium led by Ari Emanuel. This collaborative group includes financial powerhouses like RedBird Capital Partners and Apollo Global Management.
Key Details of the Stake Acquisition
- Ownership Percentage: 45%
- Current Owners: Endeavor
- Consortium Partners: Ari Emanuel, RedBird Capital, Apollo Global Management
Steve Ross: A Legacy in South Florida
At 85 years old, Ross has shifted focus, stepping back from his New York-based Related Companies, which he founded over 50 years ago. His current focus is entirely on South Florida, where his sports investments continue to grow. Besides the Miami Open, Ross holds significant stakes in:
- Miami Dolphins
- Hard Rock Stadium
- Formula One racing events
Recent Investment Moves
- Last year, Ross sold a 13% stake in his sports assets to Ares Management and Brooklyn Nets co-owners Joe Tsai and Oliver Weisberg.
- He continues as the non-executive chairman of Related Companies, retaining significant influence and ownership.
Transforming West Palm Beach
Focus on Real Estate Development
Through his newly formed entity, Related Ross, based in West Palm Beach, Ross aims to reshape the city’s skyline and commercial landscape. Major highlights include:
- Eight office buildings in West Palm, covering various projects from completed to those still under construction.
- A $600 million financing package for the South Flagler House, featuring two 28-story towers designed by Robert A.M. Stern Architects.
- The successful completion of the Laurel apartment tower, boasting 322 units located at 635 Hibiscus Street.
Recent Property Acquisitions
- On May 3rd, Related Ross collaborated with Wexford Real Estate Investors and Key International to acquire WPTV’s studio for $40 million in a strategic sale-leaseback arrangement.
The Significance of the Miami Open Investment
Acquiring a stake in the Miami Open strengthens Ross’s reputation as a formidable player in the sports industry. Previously, he engaged in a profit-sharing agreement with Endeavor for operations but lacked ownership stakes in the tournament. This latest acquisition will change that dynamic, allowing him a more active role in shaping the tournament’s future.
Conclusion
Steve Ross’s acquisition of a stake in the Miami Open isn’t just an investment in tennis; it’s a comprehensive play to solidify his status in South Florida’s vibrant sports and real estate markets. With strategic partnerships and a keen investment strategy, Ross continues to transform both the athletic and urban landscapes in the region.
For more insights on real estate and investment trends, check out the latest updates on Front Office Sports and the developments at Bloomberg regarding Miami’s booming real estate market.