Stephen Ross is negotiating with Otro Capital to sell a 20% stake in the Miami Grand Prix to the private equity firm, Front Office Sports reported Thursday.
Ross owns the NFL’s Miami Dolphins and Hard Rock Stadium, where the Dolphins play and where the Miami International Autodrome track is laid out for the annual Formula One race.
The Miami Grand Prix was introduced in 2022 and has been run five times, most recently won by Italian rising star Kimi Antonelli.
The 20% stake selloff is not finalized, and Ross does not plan to sell the entire race, per Front Office Sports. A deal of this sort would include a valuation of the race, which is not yet known.
Otro Capital is the same firm that invested in the University of Utah’s new entity, Crimson Brand Partners, that will manage the athletics department’s commercial operations.
In the F1 world, Otro holds a stake in Alpine Racing, the team currently sixth in the constructors’ standings.
–Field Level Media
