Learn how Ross, the billionaire owner of the Miami Dolphins in National Football League (NHL), made his fortune and how he acquired his sports empire.
Stephen Ross, an American businessman and owner of a sports team, is the chairman and majority owner at The Related Companies. This global real estate development company is headquartered in New York.
Ross’ Related Businesses is well-known for its development of the Time Warner Center. Ross also lives and works there.
He moved to New York City a few years later and became an assistant vice president at Laird Inc’s real estate subsidiary. He was employed in Bear Stearns’ corporate finance department.
His time with the company ended in 1972 when he was fired after clashing with his superior.
After being laid off, his next move was to live on $10,000 that his mother had loaned him. He used his federal tax law knowledge to organize deals for wealthy investors.
They were able to shelter their income by receiving generous incentives from the federal government that allowed them to build affordable housing.
Ross found this new way of earning lucrative. Ross was able to earn $150,000 his first year, and then he moved on to more complex transactions.
He began to invest his earnings in the real estate industry. He was a strong believer in high-quality engineering and architecture.
He quickly established a solid reputation in American real estate.
Ross focused on the northeastern United States and Florida and built condominiums, condos, retail, office and office parks as well as mixed-use developments.
1972 saw Ross start The Related Companies, a real-estate development company.
The company’s headquarters is in New York City. There are offices and real estate developments throughout Chicago, San Francisco and South Florida.
Related employs over 2,000 people and has real estate assets valued at over $15 billion.
It is New York’s largest owner of luxury residential rentals and has over $1 billion in equity capital. This includes the benefits of sovereign wealth funds and public pension plans.
Acquisition of Miami Dolphins
Ross bought the first 50% of the Dolphin franchise in an effort to buy the Miami Dolphins franchise from the National Football League (NFL).
The Dolphin Stadium and the surrounding land were also sold to Wayne Huizenga, former owner. This deal was completed in February 2008 for $550 million.
He bought an additional 45% of the franchise a year later to make the total amount for the deal $1.1 billion.
Ross was the NFL’s Miami Dolphins owner, and the stadium had a 95% stake.
His NFL franchise is estimated to be worth approximately $2.9 billion as of 2020.
Also Check: Terry Bradshaw net worth
How much does Stephen Ross have in net worth?
Stephen Ross’ net worth was $8.3 billion as of 2021.
Although his main income source is his real estate company, he also makes significant earnings from his sports franchise.
Forbes lists Ross as the 74th American billionaire and the185th richest person worldwide.
Stephen Ross’ Business Empire
Stephen Ross’s business stretches across real estate and sports enterprise.
Ross is the owner of The Related Companies, and holds a majority share in Miami Dolphins.
He is also the owner of RSE Ventures which is a private investment company for entertainment, media, marketing and food.
RSE Ventures also has subsidiaries, such as VaynerMedia, Relevant, and Drone Racing League.
He is also the co-owner of Kangaroo Media.
Stephen Ross’ net worth is a testament to his financial success and business ventures in the sport scene.
Ross has made a lot of progress from being a tax lawyer to becoming a billionaire real estate and sports investor.
Stephen Ross Profile
|Net Worth:||$8.3 Billion|
|Full Name:||Stephen M. Ross|
|Born:||May 10, 1940, Detroit, MI, U.S.|
|Age:||81 years old|
|Education:||Bachelor of Arts/Science, University of Michigan;
Doctor of Jurisprudence, Wayne State University;
Master of Laws, New York University
|Source of Wealth:||Real estate, sports franchise|
Stephen M. Ross Philanthropic and civic activities
Ross was the co-chair of University of Michigan’s May 2007 fundraising campaign.
Ross donated $100 million to the University of Michigan in 2004. This was his single-largest contribution to the university. In his honour, the University changed its name to Ross School of Business. It was announced that Ross had donated an additional $200 million to the University. This gift will be divided equally between the Ross School of Business (and the University’s Athletic department). This gift replaces Charlie Munger’s $115 million 2013 gift to the University. Ross donated $50 million more to the University of Michigan on September 20, 2017. The majority of the money would go towards career development programs for students, innovative learning experiences and resources for recruiting and developing junior faculty.
Ross served on the NYC2012 executive committee. This was New York’s attempt to bring the 2012 summer Olympic Games to New York City. It failed after London won. Ross is the chairman of Equinox Holdings and the chairperson emeritus of REBNY, the largest real estate trade association in New York. Ross is a member on the Solomon R. Guggenheim Foundation’s board of trustees. He was instrumental in the design of major renovations to the Frank Lloyd Wright building as well as other museums. He is a trustee of New York Presbyterian Hospital and the Urban Land Institute. He also directs the Jackie Robinson Foundation as well as the World Resources Institute. He is also a trustee of Lincoln Center and serves on its Executive Committee.
Ross is a member of the Cornell Tech Campus Board, a $2B redevelopment of Roosevelt Island that includes the Joan & Irwin Jacobs Technion – Cornell Institute. This partnership between Cornell University (and the Technion – Israel Institute of Technology) will provide housing for several thousand post-graduate students and hundreds of faculty as well as a high-tech incubator.
Ross was a partner in RERI, which was donated to the University of Michigan by Ross in 2003. RERI received its own appraisal for the donation of $32.935million. In December 2005, the university sold the Ross-donated remaining interest for $1.94million, less than the appraised value of $6.5 million. In July 2017, the IRS denied the $33 million tax deduction, and imposed a multimillion-dollar penalty. The partnership was made possible by Ross’s long-time accountant Alan Katz, and Harold Levine, a business associate. The tax plan is currently under criminal investigation.
FAQs About Stephen M. Ross
How much did Stephen Ross buy the Dolphins for?
Ross also owns the NFL football team Miami Dolphins. He bought it for more than $1billion. According to Sports Illustrated, Ross bought 50% of the team in 2008, which included the stadium and land surrounding it, for $550million. He purchased an additional 45% for $450 million the following year.
Who owns the related company?
Stephen M. Ross, the Chairman and Founder at Related Companies, is a dedicated philanthropist. Related was founded by Stephen in 1972. Today, the company employs approximately 4,000 people.
How old is Ross?
He is 81 years Old (10 May 1940)