Citadel founder and CEO Ken Griffin is negotiating with Miami Dolphins owner Stephen Ross to buy a minority stake in the team as he continues to expand his presence in South Florida.
Ross is in talks to sell a portion of the Dolphins to Griffin, along with a stake in Hard Rock Stadium and the Formula 1 Miami Grand Prix, Bloomberg reports. Ross may use the proceeds of the sale to invest in additional sports ventures, according to Bloomberg.
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A deal hasn't been finalized, and it is possible Ross could sell the minority stakes to someone other than Griffin.
Griffin is the 35th richest person in the world, with a net worth of $35.9B, according to the Bloomberg Billionaires Index. Ross has a net worth of $8.6B.
Griffin has gobbled up properties in South Florida in recent years.
A company affiliated with the billionaire paid $83M to acquire an office building in Palm Beach in July. In April 2022, he bought an adjacent building that had been a Neiman Marcus department store for $78M.
Griffin has spent $350M buying properties in Palm Beach in recent years, including a 25-acre beachfront assemblage that he started to acquire in 2012 on a stretch of boulevard known locally as Billionaires Row, The Palm Beach Post reported.
Last June, Griffin moved Citadel’s headquarters from Chicago — where the company was founded — to Miami, citing complaints about Chicago’s crime rate, political leanings and high taxes. As a part of the move, the firm set out to build a new office and global headquarters in Miami.
While the company develops its new office tower, it has been leasing space at Southeast Financial Center. Entities connected to Citadel spent about $670M to assemble a 2.9-acre parcel in Miami where the company is planning to host its new headquarters, the South Florida Business Journal reported.
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