Dolphins Owner Wayne Huizenga stated yesterday that
Huizenga Holdings has hired investment firm Morgan Stanley
Dean Witter & Co. to explore strategic alternatives
regarding the financial structure of the Dolphins and Pro
Player Stadium. Huizenga said that the alternatives include
the potential of additional investors in the team and the
stadium, as well as naming rights for the stadium. Huizenga
added that the alternatives are being considered in the
context of estate planning by the Huizenga family (Huizenga
Holdings). Huizenga Holdings spokesperson Ron Castell said
that Huizenga would "maintain a majority interest" in both
the team and facility, adding, "The team is not for sale in
terms of somebody else owning the team." Pro Player Stadium
officials "hope to secure a new" naming rights sponsor by
September (Ft. Lauderdale SUN-SENTINEL, 6/13). In Palm
Beach, Mark Woods notes that Huizenga's decision "comes on
the heels of a tough financial year." But Castell said the
move by Huizenga was not an effort to raise cash: "That's
not the case at all. This is part of his estate planning"
(PALM BEACH POST, 6/13). In Miami, James McNair writes that
cash from the sale "presumably will allow Huizenga's heirs
to more easily pay estate taxes while retaining control of
the team." The source: "Prices are strong for teams right
now. It's a decent time to sell, and Wayne would still be
able to retain control" (MIAMI HERALD, 6/13).
