Buy a piece of the Dolphins?
It’s a long shot for sure, but Stan D’Alo, a Dolphins season ticket holder from Coral Springs, is trying to gauge fan interest in purchasing stock in the team.
He’s launched buythefins.com, a Web site where fans can indicate their interest in purchasing a piece of the Dolphins. He’s estimating 10 million shares at $120 to $130 apiece. No one would be allowed to own more than 2 percent of the total shares.
“We’re going to ask people 'if stock was offered in the team would you buy it?',” D’Alo said. “Basically I want to organize people and see how much interest there is.”
D’Alo was inspired to launch the site after word leaked last month that Dolphins owner H. Wayne Huizenga was in talks to potentially sell the team for at least $1 billion. D’Alo figured it’d be worth trying to make the team a community asset, like the Green Bay Packers.
The Packers, who face the New York Giants in Sunday's NFC Championship game, have been publicly owned since 1923. According to the team's Web site, 112,015 stockholders own more than 4.75 million shares, but the stock doesn’t appreciate and shareholders don’t receive dividends. No one is allowed to own more than 200,000 shares. The company is overseen by a board of directors and an executive committee.
The team is so popular that stock sales have helped the Packers out of financial trouble on four occasions, including as recently as 1997, when fans spent $200 a share to raise $24 million for Lambeau Field renovations.
So far, D’Alo says he has about 20 people on the stock-request waiting list. That’s after he held up a sign at the Dolphins final home game last month. He’s encouraging others to talk up the idea and print out fliers to post at their offices.
“The league doesn’t want to have this kind of ownership,” said D’Alo, a season ticket holder for nine years. “[But] If they want the kind of money they will ask for franchises in the future they aren’t going find a lot of people who are going to be able to lay out that kind of money. It’s going to take corporations to buy teams in the future.”
Corporate ownership is prohibited in the NFL.
“I believe that if people want something they should gather and communicate with others who have the same interest and figure out a way to pay for it with private dollars. That is what my Web site is about,” D’Alo said.
“I leave this up to public debate and let the people decide if they would like to take part in communicating with our organization to make this happen.”
CRAIG DAVIS In more than 33 years at the Sun Sentinel, Craig Davis has written about a wide variety of sports topics from baseball to yachting, fishing to triathlons, and also worked as a copy editor and page designer. Recently he reported on local sports, including running, swimming, cycling, equestrian and beach volleyball. He enjoys sports as a participant as well as a spectator, is active in the South Florida running scene plays in the curling club at Saveology Iceplex. This blog offers a glimpse at the business side of sports in the interest of enhancing enjoyment of the games and sporting options as a spectator as well as a participant.