By Rick Horrow and Karla Swatek
April 19, 2013
The sports and entertainment company founded by Miami Dolphins owner Stephen Ross has organized a new international soccer tournament beginning this summer. Real Madrid, Juventus, and the Los Angeles Galaxy are three of the eight teams that will participate in the inaugural International Champions Cup, which has a title sponsor and a three-year TV rights deal.
Meanwhile, the Dolphins could post a $14 million loss next year amid debt payments and renovations to Sun Life Stadium. A review of the team’s financial statements by Miami-Dade County also found the Dolphins have recorded $70 million in cash losses since Stephen Ross bought the team in 2008.
One of the advantages of organizing the new soccer tournament is that Ross can host the finals at Sun Life Stadium. This is critical for both the stadium renovation plan and for Ross’ desire to turn South Florida into an international destination for top soccer teams.