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NEW YORK CITY-International law firm Paul, Hastings, Janofsky & Walker LLP represented locally based Stephen Ross, chairman and CEO of the Related Cos., in his 50% purchase of the Miami Dolphins franchise, Dolphin Stadium and certain adjacent real estate. The transaction, subject to NFL approval, is valued at approximately $1.1 billion.

The law firm explains to GlobeSt.com that the information regarding the adjacent real estate that was purchased “is still on the table” and “is likely to be settled next week;” however, they did confirm that it will include developable land. The developable land mentioned, according to a press conference on Feb. 22, includes 110 acres around the stadium. A Related spokesperson tells GlobeSt.com that they are not going to comment until they receive NFL approvals.

Prior to the transaction, H. Wayne Huizenga, an individual and resident of Florida, owned, both directly and indirectly, 100% of the outstanding equity interests in the Miami Dolphins franchise, Dolphin Stadium and certain adjacent real estate including County Line South Properties Ltd. and Dolphin Center Properties. In the press conference announcing the transaction, Huizenga, who will remain the managing general partner, said that sometime in the future, Ross will have the opportunity to take on that role. “There is no timeframe. There is a formula,” he said referring to at what point Ross will have the opportunity to purchase full interest in the team.

At the press conference, Ross explained that this interest is specifically between Huizenga and himself, noting that he has no partners at this time. He did say that he might look into adding partners down the road, but doesn’t know at this point.

When asked if it’s purely coincidental that this transaction was revealed only one day after the Marlins stadium was approved, Huizenga said “we’ve been working on this for a long time. It had nothing to [do] with the Marlins stadium.”

New York counsel Marty Edelman and partner Bob Wertheimer led the Paul Hastings team, which included partner Charles Baker, Michael Kupin and associate Randy Merkelson. Hastings collaborated with co-counsel Bingham McCutchen LLP on the transaction, and it was led by Jonathan Bernstein, Steven Taibl, James Black and John Concannon.

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