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Stephen Ross, a New York real estate developer, agreed to buy half of the Miami Dolphins from Wayne Huizenga for 0 million, with an opportunity to become managing general partner.
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Ross would acquire 50 percent of the franchise, Dolphin Stadium and surrounding developable land, the team said Friday. The N.F.L. must approve the sale.
Huizenga, the team’s sole owner since 1994, would remain managing general partner for now. He turned 70 in December, and his team is coming off a 1-15 season.
“My heart does not want me to do this, but my head tells me it’s the right thing to do,” Huizenga said at a news conference. “I will certainly be a part of this team, a partner in this team until I die.”
Ross is chairman of the Related Companies, an international real estate development company, and he grew up in South Florida as a Dolphins fan.
“I think the price I paid shows that,” he said. “I’m a fan to start with, and I’ll certainly be at the games.”
Huizenga said he and Ross would be involved 50-50 in decisions.
Negotiations began in April and became public in December. Speculation about a deal faded when Huizenga hired Bill Parcells as executive vice president for football operations and pledged to remain the majority owner.
“I have always said that I wanted to bring in a partner, and I can’t think of anyone more appropriate than Steve,” Huizenga said.
JONES REMAINS SUSPENDED The agent for the suspended cornerback Pacman Jones said Friday that he had received a letter from the N.F.L. telling him that Jones could use the Tennessee Titans’ facility for workouts, but that he remained suspended. Jones had been allowed to work out there once a week during the season, a restriction that was dropped once the Titans’ season ended.
The league said there was no change in Jones’s status.
“He remains suspended and will be considered for reinstatement prior to the opening of training camps,” the league spokesman Greg Aiello wrote in an e-mail message.
FALCONS TO PICK THIRD IN DRAFT The Atlanta Falcons won a coin toss for draft position Friday, gaining the third pick in the April 26 draft, with Oakland fourth and Kansas City fifth.