Dolphins Receiving Calls On DL Calais Campbell
One of this era’s most accomplished defensive linemen, Calais Campbell signed a one-year, veteran minimum accord with the Dolphins this offseason. However, he may not complete a full season in Miami.
Dianna Russini of The Athletic (subscription required) and ESPN’s Adam Schefter report that the Dolphins have received trade inquiries on Campbell, who has started all seven of the club’s games this season while logging a 57% snap share. In that time, he has posted two sacks, 22 tackles (seven TFL), and three passes defensed.
That surface-level production is supported by a stellar 86.4 overall grade from Pro Football Focus, which presently considers Campbell the fourth-best interior defender out of 122 qualified players. Given his performance and the fact that he is due a pittance for the remainder of the season, it is easy to see why rival clubs would be interested in making a trade for the stretch run.
By the same token, the Dolphins obviously would love to retain Campbell to assist in their own playoff push. The problem is that the ‘Fins are currently 2-5, in third place in the AFC East, and have just a 7% chance of qualifying for the postseason, per NFL.com. Of course, the primary reason for their poor record to date is the fact that starting quarterback Tua Tagovailoa missed four full games due to a concussion.
With Tagovailoa now back in the lineup, Miami – which entered the season as a legitimate contender – hopes that it can make a real run at cracking the playoff field. That pursuit will begin with today’s matchup against the division-rival Bills, who currently boast a 6-2 mark.
Naturally, if the Dolphins should lose to Buffalo and drop to 2-6 on the season, they will be more inclined to trade Campbell, as Schefter notes. A loss would leave Miami with a mere 3% chance of making the playoffs, so a sellers’ move like dealing a 38-year-old player on a one-year contract would be a fairly easy call for GM Chris Grier to make.
Titans’ DE Arden Key Drawing Trade Interest; Latest On Lions’ EDGE Search
The Cardinals are interested in the Giants’ Azeez Ojulari, and Arizona’s search for a pass rusher has not stopped there. Per Dianna Russini of The Athletic (subscription required), the Cards have also reached out to the Titans to discuss a trade for defensive end Arden Key.
[RELATED: Titans Will Not Trade DL Jeffery Simmons]
Key, 28, is under club control through 2025 and is due a manageable $6.5MM salary next season. So even though the 1-6 Titans are obvious sellers at this year’s deadline, they do not need to move Key if they do not get an offer to their liking.
That said, New York is setting a high price on Ojulari, which could in turn boost Tennessee’s leverage in any talks involving Key (although Big Blue is reportedly unlikely to recoup more than a Day 3 selection for Ojulari, regardless of any posturing to the contrary). Key, a former third-round pick of the Raiders, struggled to find his footing with the Silver-and-Black, but he established himself as a useful complementary edge defender by posting 11 sacks and 32 quarterback hits over the 2021-22 seasons, which he split between the 49ers and Jaguars.
He turned that performance into a three-year, $21MM contract with the Titans in the 2023 offseason, and he recorded six sacks and 12 QB hits in his first year in Nashville. This year, he has tallied three sacks and six QB hits through seven games, and Pro Football Focus has assigned him a strong 70.3 pass rush grade.
The 4-4 Cardinals, who surprisingly find themselves at the top of a muddy NFC West picture, have been hit hard by injuries along the defensive line, and GM Monti Ossenfort recently confirmed that he has explored deals that could bolster his club’s pass rush.
At the end of October, Lions head coach Dan Campbell indicated that Detroit could soon be making a move to address its EDGE corps, which has lost both Aidan Hutchinson and Marcus Davenport for the season. Armando Salguero of Outkick.com named Key as an “outside possibility” for the Lions, although Key’s performance in Tennessee’s recent loss to the Detroit – two sacks and six total tackles – could have caught the eye of Campbell & Co.
The Lions have already been connected to the Browns’ Za’Darius Smith, and both Russini and ESPN’s Adam Schefter confirm that Detroit has indeed checked in on Smith. Salguero, meanwhile, names the Panthers’ Jadeveon Clowney and the Saints’ Chase Young as other possible targets for the Lions.
Commanders Eyeing Trade For WR, CB?
Keyed by a stellar rookie-year performance from quarterback Jayden Daniels, the Commanders are acing their rebuilding project and find themselves in position to make a deep playoff run. In order to achieve that goal, Washington is considering making a move or two in advance of Tuesday’s trade deadline.
On October 30, Ben Standig of The Athletic (subscription required) published a piece noting that, while the Commanders’ defense is performing well in terms of points allowed per game (20.9, which ranks 11th in the league), that number is boosted by a generally soft schedule. Standig pointed out that the unit has struggled against quality passers, and he also wrote that, outside of WR Terry McLaurin and Daniels, the offense could use more top-flight playmakers.
It therefore stands to reason that the Commanders would pursue a trade for a pass-catcher and/or a defensive back to address the weak spots on their roster. However, Standig reported that there was minimal buzz in that regard as of the time his piece was published. After all, 2024 is the first year of a multiyear plan, and GM Adam Peters is not going to trade away high-end draft capital if he does not believe his club is a true contender at this point.
According to Standig, there was not a sense that much trade activity was brewing in the Washington front office. He did concede that Peters is willing to consider a deal, especially for a cornerback, and his colleague at The Athletic, Dianna Russini, is more bullish on the odds of Washington pulling off a trade. Per Russini, the Commanders are actively seeking a corner (subscription required), though neither she nor Standig offer any specific names.
The Commanders’ top boundary corners, Benjamin St-Juste and Mike Sainristil, have yielded quarterback ratings of 111.6 and 126.6, respectively, while Pro Football Focus has assigned 2023 first-rounder Emmanuel Forbes an abysmal 37.6 coverage grade. Slot defender Noah Igbinoghene has also struggled.
Wide receivers have largely dominated trade conversations both during the offseason and into the regular season, and Jonathan Jones of CBS Sports reports that the Commanders are among the teams “poking around” the WR market. McLaurin and tight end Zach Ertz have received the most targets from Daniels, and while players like Noah Brown, Dyami Brown, Olamide Zaccheaus, and rookie Luke McCaffrey have had their moments, an addition to the top of the depth chart would be a welcome development.
Along with Daniels’ level of play and Washington’s strong start to the season, the club’s fans have another reason to celebrate. As ESPN’s Adam Schefter writes, players on other teams have either privately stated or have told their agents that they want to be dealt to the Commanders. Whether Peters makes a big swing in the next couple of days remains to be seen, but the Josh Harris ownership group, along with Peters and head coach Dan Quinn, have reversed the league-wide perception of their outfit in short order.
Haason Reddick, Jets Agree To Adjusted Contract; Reddick To Report To Team
SATURDAY, 8:40am: Reddick has officially signed his adjusted one-year deal, per ESPN’s Adam Schefter. The veteran pass rusher is expected to make his Jets debut tomorrow against the Patriots.
SUNDAY, 9:59pm: Cimini clarifies that Reddick is not guaranteed to receoup the money he lost in fines, as initial reports suggested. Instead, the incentives referenced in the prior reports will give Reddick the chance to earn that money back.
7:29am: Haason Reddick‘s holdout is over. As ESPN’s Adam Schefter was first to report, Reddick and the Jets have agreed to an adjusted contract, and the two-time Pro Bowler will report to the team tomorrow morning.
The new deal is not an extension; for the time being, Reddick is still out of contract at season’s end. However, according to Schefter, New York has agreed to “waive” over $12MM of fines that Reddick accumulated as a result of the holdout in order to convince the edge defender to report.
[RELATED: NFLPA Files Grievance Over Reddick’s Preseason Fines]
Of course, as Ryan Dunleavy of the New York Post points out and as we have observed previously, the fines cannot technically be waived, since Reddick is not attached to a rookie contract. As such, it could be that the new agreement simply includes some mechanism — Jason Fitzgerald of OverTheCap.com suggests an increase in base pay — to cover the fines. Indeed, we heard just last week that, after the regular season got underway, the Jets had offered Reddick a reworked one-year deal that would have allowed him to recoup all of his fines while giving him the chance to earn more than the $14.25MM he was originally scheduled to make in 2024.
Despite optimism that the previous proposal would be enough to bring Reddick into the fold, the 30-year-old sack artist rejected it and continued his push for a multiyear accord. That decision, along with his decision to stage the holdout in the first place, was against the advice of his former agency, CAA, who dropped Reddick as a client earlier this month. Reddick subsequently hired Drew Rosenhaus and Ryan Matha to help facilitate a resolution.
Although the Rosenhaus/Matha hiring led to renewed hope that player and team could achieve detente, the Jets remained adamant that they would not entertain a multiyear pact, and they also granted Reddick permission to seek a trade. Owner Woody Johnson, though, continued to express his desire to have Reddick play for Gang Green, and Schefter notes that Johnson was “very involved” in bringing this matter to a close. Peter Schrager of FOX Sports elaborates on that point, reporting that Rosenhaus flew in for the Jets’ contest against the Bills last week and had a lengthy conversation with Johnson prior to the game. Those conversations continued with GM Joe Douglas in the following days.
Now that Reddick — who was acquired via trade with Philadelphia this offseason — has finally agreed to join his new teammates, perhaps Douglas & Co. will be more amenable to an extension, with Rosenhaus himself stating this morning that he will continue to work towards that goal. As it stands, Reddick has not received any new money and has simply agreed to play out the remainder of the season for the $9.5MM that he was already due to earn on his Eagles-constructed deal (via ESPN’s Rich Cimini). As noted above, Reddick was due to make $14.25MM in 2024, but his holdout has led to lost game checks, and while the Jets are prepared to cover the fines in some way, they are apparently not reimbursing him for the lost salary upfront; as Albert Breer of SI.com reports, Reddick can recover that money (and then some) via sack-based incentives, playing time, honors, and team-based incentives.
The Jets may be 2-4, but they recently acquired WR Davante Adams via trade and clearly believe they can make a postseason run. New York’s defense has generally played up to expectations, as that unit presently ranks second in yards per game and seventh in points per game. The team’s 20 sacks are the third-highest total in the league, and Reddick — who has posted double-digit sacks totals in four consecutive years — can certainly help maintain that production. His presence will help to offset the loss of third-year pro Jermaine Johnson, who sustained a season-ending Achilles tear in Week 2.
According to Cimini, Reddick could suit up for New York’s bout with the Patriots next week, although that will naturally depend on his conditioning. More clarity on that front will emerge when Reddick starts to practice.
As Schefter notes, Reddick is the first player in a decade to hold out beyond Week 1 of the regular season and then receive an adjusted contract.
Browns Promote Dorian Thompson-Robinson To QB2, Demote Jameis Winston
There is interesting quarterback news to report in Cleveland today, though it is likely not the news Browns fans were hoping to receive. While struggling QB1 Deshaun Watson is still operating as the starter, the Browns have demoted Jameis Winston to the emergency third-string passer for today’s game against the Bengals. Second-year pro Dorian Thompson-Robinson will serve as Watson’s backup.
Cleveland signed both Winston and Tyler Huntley this offseason, eschewing the chance to re-sign Comeback Player of the Year Joe Flacco after Flacco’s surprising success down the stretch of the 2023 season. That decision has been heavily scrutinized in light of Flacco’s strong play with the Colts in relief of Anthony Richardson in 2024 and Watson’s continued struggles (Huntley was released as part of final cutdowns in August).
Per Mary Kay Cabot of Cleveland.com, the Browns considered Thompson-Robinson and Watson as untouchable in trades this offseason, though the club would have been willing to deal Winston then and would still be willing to move him prior to the November 5 deadline, especially now that he has been demoted. Cabot says that if Watson is ultimately stripped of his starting duties – a move that HC Kevin Stefanski has thus far resisted while insisting that ownership has not ordered him to keep Watson in the lineup – Thompson-Robinson, not Winston, would be the player to replace him.
Cleveland is said to be quite high on DTR, a fifth-round selection in 2023 who enjoyed an impressive preseason this summer. Prior to Flacco’s run as a starter last season, Thompson-Robinson started three games as a rookie and generally performed like a raw Day 3 pick in his first professional campaign: he posted a 1-2 record and completed 60 of 112 passes (53.6%) for 440 yards and one touchdown against four interceptions.
Still, the Browns are bullish on his upside, and should Stefanski decide to pull the plug on Watson, the club will want to know what it has in DTR so it can plan accordingly for the future. Cabot notes that the team has wanted to see what Watson could do with a healthy O-Line, a healthy David Njoku, and a healthy Nick Chubb, With today’s game against Cincinnati marking Chubb’s first action since a brutal knee injury in Week 2 of the 2023 season, Watson is as well-equipped as he can be at this point (the team’s recent trade of Amari Cooper aside).
As such, Cabot says the club will be monitoring Watson’s performance closely. If he does not exhibit noticeable improvement in short order, Cabot believes the 1-5 outfit will hand the reins to Thompson-Robinson.
Tony Grossi of TheLandOnDemand.com is a bit more skeptical, as he suggests that Watson – despite ranking 28th in the league with a 76.6 quarterback rating – still has something of a long leash. Grossi confirms, however, that Winston is not hurt, thereby confirming that the DTR promotion is merit-based.
Ravens Expected To Explore Trade For Pass Rusher
The Lions, who will be without star defensive end Aidan Hutchinson for the remainder of the season – unless they advance to the Super Bowl, perhaps – have been connected to some of the top pass rushers thought to be available in advance of this year’s trade deadline. That includes Haason Reddick – before he agreed to a reworked deal with the Jets this morning – and Za’Darius Smith. According to Albert Breer of SI.com, the Ravens are another club that will be monitoring the pass rush market.
After leading the league with 60 sacks last season, Baltimore continues to perform at a high level in that regard in 2024, at least in terms of raw numbers. The club’s 19 sacks are currently the sixth-highest total in the NFL, but its overall pass defense has been a major liability. The Ravens are surrendering the second-most passing yards per game, and while a safety or cornerback addition would therefore seem to be a distinct possibility, bolstering the pass rushing corps could have a positive trickle-down effect on the secondary.
Smith profiles as a potential target for the Ravens, just as he is a possible fit for the Lions. Smith, of course, began his career with Baltimore, who made him a fourth-round pick in 2015. He parlayed a successful platform campaign in 2018 into a four-year, $66MM deal with the Packers, and he more than lived up to that contract over his first two years in Green Bay, racking up 26 sacks during that time and earning Pro Bowl honors in both seasons. However, he played in just one game in 2021 and became a cap casualty the following offseason.
In March 2022, the Ravens and Smith reportedly had an agreement to bring Smith back to Baltimore, but Smith backed out of the deal and signed with the Vikings about a week later. Although he earned his third Pro Bowl selection with Minnesota in 2022, he sought a release after that season, and he was eventually traded to the Browns, who also agreed to rework his contract.
In 2023, his first year in Cleveland, Smith notched just 5.5 sacks, his lowest full-season total since 2017. However, the Browns chose to retain him via a two-year, $23.5MM contract this offseason, and since most of that deal’s value comes in the form of bonuses, his deal would be eminently palatable for an acquiring club. Whether the Ravens would be willing to revisit a reunion after being jilted a little over two years ago is an open question (the fact that Cleveland and Baltimore play in the same division could also complicate matters).
While any speculation connecting Reddick to Baltimore has been put to bed by virtue of Reddick’s decision to end his holdout and report to the Jets, another speculative fit for the Ravens would, like Smith, represent a reunion. Jadeveon Clowney, who enjoyed perhaps the finest year of his career as a member of the Ravens in 2024, signed a two-year, $20MM deal with the Panthers this offseason. With Carolina looking like an obvious seller, Clowney could theoretically be on the block.
Speaking of veteran pass rushers who had previous stints in Charm City, the Ravens recently signed Yannick Ngakoue to their active roster after adding him to the practice squad at the end of September. The well-traveled defender, who has played in two games for Baltimore this year and who picked up a sack in the team’s Week 6 win over Washington, technically could have been elevated from the taxi squad one more time before being added to the 53-man unit. However, as Jeff Zrebiec of The Athletic reports, rival teams had begun to show interest in poaching Ngakoue off the p-squad, so Baltimore felt compelled to protect him.
WR Marquez Valdes-Scantling To Visit Saints
Despite speculation that he could be released prior to final roster cuts at the end of August, wide receiver Marquez Valdes-Scantling cracked the Bills’ initial 53-man roster and appeared in each of the club’s first six games of the 2024 season. However, after Buffalo acquired Amari Cooper via trade last week, Valdes-Scantling received his walking papers.
The 30-year-old deep threat could quickly land on his feet. Per Ian Rapoport and Tom Pelissero of the NFL Network, Valdes-Scantling will fly to New Orleans tonight and will work out for the Saints tomorrow. The reporters suggest that a deal may come together quickly.
The Saints’ interest in Valdes-Scantling is unsurprising, as the club has been actively seeking to add to its receiver room and was also reported to have checked in on MVS this offseason. The club was heavily involved in the Davante Adams sweepstakes before the Raiders and Jets agreed to a deal sending Adams to New York, and New Orleans has also been connected to Mike Williams, whom Gang Green is seeking to move now that it has landed Adams. The Saints’ need for a WR has only intensified since Chris Olave is dealing with a concussion and since Rashid Shaheed was forced to undergo season-ending meniscus surgery.
Of course, it is highly unlikely that Valdes-Scantling will be the tonic the Saints really need. After winning the first two games of the current campaign, the team has lost five in a row, and quarterback Derek Carr – who sustained an oblique injury in Week 5 – may not be back until Week 9 or Week 10. The season is circling the drain, and while MVS may still be a viable complementary target, his presence alone will not save the team.
During the first few years of his career, Valdes-Scantling operated as a useful deep threat for the Aaron Rodgers-fronted Packers and even led the league with a 20.9 yards-per-reception average in 2020. He parlayed his success in Green Bay into a three-year, $30MM deal with the Chiefs in 2022, and while he recorded career-highs in targets (81) and catches (42) during his first season in Kansas City, his stock took a major hit last year.
MVS has had issues with drops throughout his career, though a particularly memorable drop in a loss to the Eagles in 2023 underscored a generally disappointing year in which he posted just 21 catches for 315 yards despite having Patrick Mahomes at quarterback and operating in an offense that was desperate for someone to step up at receiver. While Valdes-Scantling did play a major role in each of the Chiefs’ last two Super Bowl runs, it was not enough to avoid becoming a cap casualty in February.
As a member of the Bills this season, Valdes-Scantling has caught just two passes for 26 yards. Should he land with the Saints, he could theoretically establish a quick rapport with Spencer Rattler and/or Carr and create a market for himself next offseason, but at the moment, his signing would seem to represent little more than a Band-Aid for player and team alike.
Teams Have Contacted Jets About WR Garrett Wilson; Jets Not Interested In Trade
Since the Jets acquired Davante Adams via trade, it has seemed like only a matter of time before the club deals one of the other wide receivers on its depth chart. While Mike Williams was (and is) the most obvious trade candidate, rival teams have also expressed interest in landing a different WR.
Per ESPN’s Adam Schefter, several teams reached out to Jets brass in the wake of the Adams trade to gauge New York’s interest in moving Garrett Wilson, who has represented one of the few bright spots on the Gang Green offense over the past several seasons. Unsurprisingly, the club has rebuffed all such overtures.
With the soon-to-be 41-year-old Aaron Rodgers at quarterback and a front office and coaching staff that may well be facing a “playoffs or bust” mandate, the Jets are very much in win-now mode (an endeavor bolstered by their recent agreement ending edge defender Haason Reddick‘s holdout). The long-rumored acquisition of Adams was always intended to complement Wilson, not push him off the roster, regardless of the draft capital New York could land in such a move.
The No. 10 overall pick of the 2022 draft, Wilson posted over 1,000 receiving yards in each of his first two professional seasons, despite being far and away the best pass-catching option on an offense quarterbacked predominantly by Zach Wilson. Garrett Wilson earned Offensive Rookie of the Year honors in 2022, and while he and Rodgers have struggled to develop a consistent rapport in 2024, the future Hall of Fame signal-caller has targeted the Ohio State product 67 times over the first six games of the current campaign (including a whopping 23 targets in a Week 5 loss to the Vikings).
In Week 6, with Todd Downing calling offensive plays for the first time for the Jets, Rodgers and Wilson connected eight times on 10 targets, leading to 107 yards and a score for the third-year receiver. With Adams now in the fold to draw some attention from opposing defenses, the club hopes Wilson will be even more productive and help key a playoff push.
Per Schefter, the teams that were interested in trading for Wilson were also willing to extend him next offseason, at which point he will have three years of service time and will therefore be eligible for a second contract. The wide receiver market is positively booming, and at some point in the near future, Wilson will likely be one of the many beneficiaries of that trend. Whether his next deal comes from the Jets remains to be seen, but it would be a shock if he did not remain with the club at least through the remainder of the season.
Schefter also notes that the Raiders were at one point interested in having Williams be part of the return in an Adams trade. Las Vegas general manager Tom Telesco, of course, was the Chargers’ GM when he drafted Williams and later authorized a $20MM/year extension for him, so his appreciation for Williams’ game is clear. Nonetheless, it seems plain that 2024 is a transition year for the Raiders, so acquiring a player who is now on a one-year contract would have registered as a curious decision. Ultimately, Telesco and Jets GM Joe Douglas settled on a conditional third-round pick as the cost for Adams, with New York also agreeing to take on the remainder of Adams’ 2024 salary.
While Williams will not be traded prior to tonight’s matchup with the Steelers, the Jets are open to dealing him before the November 5 deadline. Pittsburgh, the Saints, and the Chargers have all expressed interest in his services.
Aidan O’Connell Could Impact Possibility Of Davante Adams Trade?
In keeping with recent reports suggesting that the trade market for Raiders wide receiver Davante Adams could be cooling, ESPN’s Adam Schefter confirms that Adams may indeed remain with Las Vegas for the rest of the season. That is primarily because the club continues to push for a second-round pick plus additional compensation in an Adams trade, and it also wants the acquiring team to cover the entirety of Adams’ remaining 2024 base salary.
In addition to the Raiders’ demands – to say nothing of how the Jets’ firing of HC Robert Saleh and the multi-week injury to Saints QB Derek Carr might impact trade talks – a more unexpected factor could play a role in keeping Adams in Nevada. Per Schefter, the Raiders’ recent decision to bench quarterback Gardner Minshew in favor of second-year passer Aidan O’Connell could make Adams reconsider his desire to be traded.
Last year, Adams was frustrated when Las Vegas deployed Jimmy Garoppolo under center, and those frustrations dissipated when O’Connell emerged as the QB1 (a move that Adams endorsed and to which he tied his future with the Raiders). Sources tell Schefter that Adams believes O’Connell is one of the best signal-callers he has played with, and he is intrigued by the prospect of catching passes from the Purdue product once again.
That said, both Schefter and Dianna Russini of The Athletic (subscription required) report that the Jets, Saints, Steelers, and Bills continue to discuss a potential deal with the Raiders. Schefter adds that Pittsburgh brass was expected to continue those discussions in person yesterday, as the Steelers are in Las Vegas for their Week 6 game against the Raiders.
Additionally, Tony Pauline of Sportskeeda hears that an Adams trade could happen as early as next week, and that the Jets are the most aggressive suitor at the moment (last week, New Orleans was reportedly making the hardest push to land the soon-to-be 32-year-old). According to Pauline, the Saleh firing and the subsequent demotion of OC Nathaniel Hackett has not made Adams any less open to playing for Gang Green, but Pauline is in agreement with Schefter that O’Connell’s presence could scuttle trade talks.
Mark Davis is fond of Adams, who is said to have the owner’s ear. Pauline says it is certainly possible that, with O’Connell back in the starting lineup, Adams could ask Davis to break off discussions with rival clubs.
Mike Florio of Pro Football Talk, however, believes the reports indicating that the Raiders could keep Adams are being driven by the team itself in order to create leverage that it does not presently have. After all, regardless of whether Minshew or O’Donnell is at the helm, it is difficult to envision Las Vegas making a deep playoff run, and as a non-contender with a talented but aging player who is due a non-guaranteed $35.6MM base salary in 2025, the only logical move for the Raiders is to deal the decorated wideout.
Likewise, Jonathan Jones of CBS Sports hears from multiple league sources that Las Vegas is merely bluffing. One source said, “feels a bit like Vegas is trying to put the toothpaste back in the tube to salvage Davante’s market. I think everyone knows their only play is to deal him.”
In Florio’s estimation, the Jets are the only club that truly wants Adams at the moment, and Mike Garafolo of the NFL Network hears that this could be a “Jets or bust” situation (video link). Garafolo adds that if New York should win its game against the Bills tomorrow night – which would move Gang Green into first place in the AFC East – the club may be more inclined to make a bold strike for their long-desired target (even though Jones, contrary to Pauline, says the Saleh firing has indeed made Adams a little more wary of going to the Jets).
Adams will be sidelined for today’s matchup with the Steelers due to a hamstring ailment. It will mark his third straight absence.
Stephen Ross Nearing Deal To Sell Minority Stake In Dolphins
Dolphins owner Stephen Ross has been attempting to sell a minority stake in his franchise, and it appears he could be getting close. Per Randall Williams of Bloomberg.com, Ross is nearing a deal to sell a 10% total stake in the Dolphins, Hard Rock Stadium, and the Miami Grand Prix to private equity firm Ares Management. Ross would sell another three percent of those assets to Joe Tsai, who owns the NBA’s Brooklyn Nets and WNBA’s New York Liberty.
This transaction would be notable in and of itself, but as Mike Florio of Pro Football Talk observes, it would represent perhaps the first sale to a private equity fund in league history. With the prices for NFL franchises continuing to soar, it was only a matter of time before the league relaxed its ownership rules and permitted private equity firms to acquire an interest in NFL clubs, and in August, the league adopted a regulation allowing certain PE firms to buy up to 10% of teams. Ares is one of a handful of firms that are currently on the “approved” list.
Ross was recently engaged in sales discussions with hedge fund billionaire Ken Griffin, though those talks did not produce an agreement. Ross also reportedly rejected a $10 billion offer – made by someone other than Griffin – for control of the Dolphins, Hard Rock Stadium, and the Miami Grand Prix.
Indeed, Adam H. Beasley of Pro Football Network hears that if and when the deal is completed – Ross hopes the sale will be finalized and approved at the league’s December 2024 meetings – there will be no change in the Dolphins’ operation. Ross, 84, wants the club to eventually pass to his daughters, Jennifer and Kimberly.
The prospective sale to Ares and Tsai is based on a valuation of $8.1 billion, which further demonstrates the rise in the values of NFL teams. Ross, who purchased the Dolphins for $1.1 billion in 2009, is on the verge of recovering almost the entirety of that investment by selling just 13% of the club and other assets.
Ross has been in the public eye for his ownership actions at multiple points in recent years. This includes his 2022 suspension and the Dolphins losing first- and third-round picks for tampering with Tom Brady and Sean Payton. Ross firing Brian Flores in 2022 brought on a discrimination lawsuit that includes other teams — the class-action suit is ongoing — and an allegation from Flores that Ross offered money for losses during the 2019 season. The NFL did not punish Ross for tanking.
Andrew Ross Sorkin of the New York Times was among the first to report that Ross was attempting to sell a minority share in the Dolphins, Hard Rock Stadium, and the Miami Grand Prix to a private equity firm. Sorkin’s initial report indicated the valuation used for such a sale would be in excess of $7 billion, and that Arctos Partners was one of the PE firms involved.