Chinese billionaire buys 1% stake in the Miami Dolphins at record $12.5 billion valuation

TL;DR

Lin Bin, the co-founder and vice chairman of Xiaomi, is buying a 1% stake in the Miami Dolphins along with other assets belonging to owner Stephen Ross at a record valuation of $12.5 billion, the team announced Tuesday MIAMI GARDENS, Fla. -- Lin Bin, the co-founder and vice chairman of Xiaomi, is buying a 1% stake in the Miami Dolphins along with other assets belonging to owner Stephen Ross at a record valuation of $12.5 billion, the team announced Tuesday. The minority, non-controlling interest sale was approved by the NFL on Tuesday and is expected to close in the coming days.