After agreeing in principle to buy the Arena Football League's Florida Bobcats, Miami Dolphins owner Wayne Huizenga has passed on buying into the indoor league.
Huizenga announced last month that he was intending to buy the Bobcats for an undisclosed sum in a partnership that included Dolphins coach Dave Wannstedt and former Dolphins quarterback Dan Marino. Other investors also included former quarterback Bernie Kosar, who owns part of the NHL's Florida Panthers.
"After conducting an in-depth study and examining all elements involved in running an AFL team, we felt we would not be able to commit the proper resources without compromising the operations of the Miami Dolphins," Huizenga said in a statement. "We know there are other individuals who could step up and keep the team here in south Florida."
Arena Football League officials said they expect to name a new owner of the Bobcats soon. The AFL has received another bid for the Bobcats from an investment group led by Chip Gesner, a south Florida banker, and George Lindemann, a natural gas and media mogul.
"We respect [Huizenga's] decision and appreciate his support for the AFL and our alliance with the NFL," AFL spokesman David Cooper said. "In regard to the Bobcats, our board is reviewing all options and we hope to have an announcement in the near future."
Huizenga's decision not to buy the Bobcats is a blow to the AFL's efforts to lure NFL owners into buying arena teams. An equity option deal between the leagues is set to expire in March.
The AFL has ties to six other NFL owners. Detroit Lions vice chairman William Clay Ford Jr. is part of a group that owns the Detroit Fury. Dallas Cowboys owner Jerry Jones will field an AFL team next year. Washington Redskins owner Daniel Snyder, San Francisco 49ers owners Denise and John York, New Orleans Saints owner Tom Benson and Jacksonville Jaguars owner Wayne Weaver also hold rights to indoor teams.