Wayne Huizenga to Complete Sale of Dolphins to Stephen Ross

On Tuesday afternoon, Wayne Huizenga is expected to complete the sale of the Miami Dolphins to Stephen Ross, as reported by the Miami Herald. It's reported that the deal is worth $1.1 billion, and would give Ross 95 percent ownership of the team. Huizenga would maintain ownership of the other 5 percent of the franchise.

From Barry Jackson:

Ross had been looking for investors to come up with the financing needed to complete the purchase. But Huizenga has agreed to allow Ross to defer less than one-third of the payments to complete the transaction. Huizenga has said the total value of the deal is $1.1 billion. Last year, Ross paid $550 million for 49 percent of the franchise and Dolphin Stadium. Ross has been considering candidates for a CEO-type role on the business side. He earlier had discussions with former U.S. Tennis Association President Arlen Kantarian.

The other key factor in the deal is the fact it triggers an out-clause in executive vice president Bill Parcells contract. When Parcells signed on to help turn around the Dolphins franchise, his contract featured a clause that stated if Huizenga sold the team, he would have a 30-day window to collect the remainder of his deal and move on to another job.

Huizenga claims that Parcells is going to stay in Miami, though, if he were to take advantage of his 30-day window, he would collect the $12 million that would remain on his four-year, $16 million contract.

If Parcells were to leave, it's possible he could find himself a job, perhaps even as head coach, in Kansas City where his son-in-law, Scott Pioli, was recently hired as general manager. Of course, that's just speculation.

Huizenga has been the Dolphins majority owner since 1994, while the team produced a 127-113 record, including eight trips to the playoffs. Miami rebounded from a 1-15 season a year ago to win the AFC East this season, returning to the postseason for the first time in six seasons.