Miami Dolphin's CEO Mike Dee told CBS Miami there was no way they could restore the stadium without partnering with the public sector.
“We cannot do this without a private-public partnership,” Dee told Miami Herald news partner WFOR-CBS 4. “At this time we have no intention of investing more.”
Miami Dolphins owner Stephen Ross blamed Republican House Speaker Will Weatherford for the loss claiming he had been promised the legislation would at least come up for a vote on the House floor.
"He put politics before the people and the 4,000 jobs this project would have created for Miami Dade, and that is just wrong," Ross said.
The Dolphins were expecting to get around $400 million for renovations to Miami's Sun Life Stadium and hoped this would get the National Football League to bring the Super Bowl to Florida in the near future.
Ross said the decision would send a "terrible message" to NFL owners who will soon decide if Florida could host the Super Bowl in either 2016 or 2017.
The bill -- which had already been passed by the Florida Senate and was backed by several professional sport teams in Florida -- would have created a process where the teams could compete for $13 million a year in state incentives.