Billionaire Steve Ross is buying a stake in the Miami Open, marking the real estate mogul’s continued investment in South Florida sports.
The 85-year-old is nearing a deal for a 45 percent ownership of the tennis tournament, according to Front Office Sports, a publication focused on the business of sports. Ross’ planned purchase is part of owner Endeavor’s sale of Miami Open to a consortium led by Ari Emanuel that also includes RedBird Capital Partners and Apollo Global Management.
Ross, who founded New York-based Related Companies over 50 years ago, stepped back from the firm last year to focus exclusively on his South Florida projects and sports holdings. He also has controlling stakes in the Formula One race, the Miami Dolphins and Hard Rock Stadium in Miami Gardens, which hosts the Miami Open and the Dolphins games. Last year, he sold a 13 percent stake in these assets to Ares Management funds and Brooklyn Nets owners Joe Tsai and Oliver Weisberg, according to media reports. (Ross remains non-executive chairman of Related Companies and its single largest shareholder.)
Through his West Palm Beach-based Related Ross, founded last year, Ross carved out Related Companies’ South Florida holdings. His major focus is West Palm, a city that he has transformed into an office mecca over the past five years by building new towers and quickly leasing them by tapping his New York network.
Related Ross has eight office buildings in West Palm, including those purchased, completed, under construction and planned.
On the residential front, the firm’s West Palm projects include the Robert A.M. Stern Architects-designed South Flagler House with two 28-story towers and 105 condos, combined. Related Ross is developing the towers at 1355 South Flagler Drive. Last month, the firm landed a $600 million financing package for the project, marking the largest condo construction loan so far this year in South Florida.
Last year, Related Ross completed the 21-story, 322-unit Laurel apartment tower at 635 Hibiscus Street in West Palm.
Most recently, Related Ross, Wexford Real Estate Investors and the Ardid family’s Key International bought WPTV’s studio and offices at 1100 Banyan Boulevard in West Palm for $40 million in a May sale-leaseback deal.
The addition of the Miami Open would solidify Ross’ reputation as a sports tycoon in South Florida. He had a profit-sharing agreement with Endeavor for Miami Open’s operations, but owned no intellectual property or equity, Front Office Sports reported.
–– Lidia Dinkova
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