Huizenga sells half of Miami Dolphins

PALM BEACH, Fla., March 31 (UPI) -- Stephen Ross's bid to purchase half of the Miami Dolphins, Dolphins Stadium and land near the complex has been approved by NFL owners, the league said Monday.

Ross will reportedly pay $550 million to Wayne Huizenga for the half-interest in the Dolphins. Huizenga, who has owned the Dolphins since 1993, will remain the team general partner until he sells the other half of the team to Ross.

Ross said the transition period will allow him "to learn the football business" and a timetable on Huizenga's stepping aside is "up to Wayne."

Approval by 24 of the 32 NFL team owners was needed to approve the deal, which was voted on Monday during meetings in Palm Beach, Fla. NFL Commissioner Roger Goodell said the vote was unanimous in favor of the deal.

Ross amassed his fortune in real estate, mostly on affordable housing. He previously tried to buy the New York Jets. He owns 5 percent of the New York Islands of the NHL.

Miami was 1-15 last season -- and has the first pick in the upcoming NFL draft. The Dolphins haven't qualified for the NFL playoffs since 2001.