Stephen Ross is exploring the sale of a minority stake in the Miami Dolphins, with Ares Management poised to acquire 10% of the franchise and related assets. This transaction would be notable as it represents the first instance of a private equity firm engaging under the NFL's new ownership rules, allowing such investments. Joe Tsai is also looking to purchase an additional 3% stake, highlighting the growing trend of private equity involvement in NFL franchises amidst skyrocketing valuations. Despite previous offers for full control, Ross aims to maintain majority ownership while still capitalizing on the franchise's increasing worth.