MIAMI GARDENS, Fla. (AP) — Lin Bin, the co-founder and vice chairman of Xiaomi, is buying a 1% stake in the Miami Dolphins along with other assets belonging to owner Stephen Ross at a record valuation of $12.5 billion, the team announced Tuesday.

The minority, non-controlling interest sale was approved by the NFL on Tuesday and is expected to close in the coming days. The deal includes Hard Rock Stadium, the Formula 1 Miami Grand Prix and the Miami Open.

The $12.5 billion valuation is the highest for a minority transaction in professional sports.

Bin co-founded the Chinese consumer electronics company Xiaomi in 2010. He earned a master’s degree from Philadelphia’s Drexel University in 1992 and worked as a software engineer at Microsoft and Google for more than 15 years before co-founding Xiaomi.

“I am privileged to have the opportunity to invest in the Miami Dolphins and the amazing sports business built by the great entrepreneur Stephen Ross,” Bin said in a statement. “This world-class team operates not only the Dolphins but also the incredible Hard Rock Stadium and a host of renowned sporting events from Formula 1 racing to the Miami Open. As a huge sports fan, it’s a wonderful investment and learning opportunity for me.”

Ross, who bought the Dolphins for $1 billion in 2009, has made other minority sales in recent years. In 2024, the Dolphins announced an investment deal with Ares Management funds and Brooklyn Nets owners Joe Tsai and Oliver Weisberg. Ares acquired a 10% stake, while Tsai and Weisberg together bought a 3% interest.

The Dolphins are amid an organizational rebuild that has included hiring new general manager Jon-Eric Sullivan and coach Jeff Hafley.

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