Chinese-American technology billionaire Lin Bin is set to acquire a minority stake in the Miami Dolphins, in a deal that values the franchise and its associated assets at a record $12.5bn.

Sources familiar with the agreement say Bin has reached a deal with Dolphins owner Stephen Ross to purchase one percent of the organisation as a limited partner, marking the latest investment in one of the National Football League’s fastest-appreciating sports enterprises.

The agreement values Ross’s broader sports portfolio — which includes the Dolphins’ Hard Rock Stadium, the Miami F1 Grand Prix and the organisation’s interest in the Miami Open as well as the football team — at $12.5b, a new high-water mark for transactions involving NFL franchises.

It is understood thatthe NFL’s finance committee has already approved Bin’s purchase and, although a formal vote by team owners is still required, the deal is widely expected to pass when put before them at the league’s annual meeting later this month.

The valuation surpasses the previous benchmark set in 2025, when the New York Giants sold a 10 percent stake in the franchise at a valuation exceeding $10bn.

Bin, 64, is best known as the co-founder of Xiaomi, which he launched in 2010 with six partners after earlier engineering roles at Google and Microsoft. Xiaomi has since grown into the world’s third-largest smartphone manufacturer behind Apple and Samsung, and Bin’s personal wealth is estimated at $11.9bn, according to the Bloomberg Billionaires Index.

Bin’s investment is the latest in a sequence of limited-partner transactions involving the Dolphins in recent years as Ross has gradually diversified the ownership structure of his sports business.

In December 2024, the Dolphins sold 10 percent of the franchise to investment firm Ares Management, while an additional three percent stake was acquired by Joe Tsai and Oliver Weisberg., in deals that valued the organisation at approximately $8.1bn.

Five months later, Tsai sold 1.1 percent of the team — roughly one-third of his stake — to a group of Chinese-American investors including Joseph Tsai, Daniel Tsai and Daniel Chiu. The financial terms of that secondary transaction were not publicly disclosed.

The sharp increase in valuation since those deals highlights the accelerating value of NFL franchises. Media rights agreements worth more than $110bn through 2033, the league’s unmatched domestic television audience and growing international ambitions have combined to push team valuations to unprecedented levels.

Increasingly, franchises are also being valued not just as sports teams but as ‘multi-asset entertainment platforms’. In the Dolphins’ case, the valuation reflects a broader portfolio that includes the stadium complex in Miami Gardens, and those aforementioned interests in F1 and a major ATP/WTA tennis tournament, assets which generate year-round revenue beyond the NFL season.

The trend has also encouraged owners to sell small minority stakes while retaining full operational control, allowing them to unlock soaring franchise valuations without relinquishing ownership.