Lin Bin, the billionaire co-founder of Chinese consumer electronics company Xiaomi Corp., has reached an agreement to buy a 1% stake in the Miami Dolphins football team at a $12.5 billion valuation, according to people familiar with the matter.
Lin’s 1% stake in the holding company that owns the Dolphins would also include assets like the Formula 1 Miami Grand Prix and Hard Rock Stadium, the largest stadium venue in South Florida.
Lin Bin
Photographer: Anthony Kwan/Bloomberg
The Dolphins’ majority owner, billionaire developer Stephen Ross, acquired the team in 2009. Ross, whose net worth is $15 billion according to the Bloomberg ...
