Stephen M. Ross

Stephen M. Ross
Stephen M. Ross
Born	May 10, 1940 (age 86); Detroit, Michigan, U.S.
Occupation(s)	Real estate developer, philanthropist, sports team owner
Known for	Chairman of Related Companies; owner of Miami Dolphins; major donor to University of Michigan

Stephen Michael Ross (born May 10, 1940) is a prominent American figure in real estate development, philanthropy, and sports ownership. He serves as chairman of Related Companies, a global real estate enterprise he established in 1972, recognized for landmark developments such as the Deutsche Bank Center and the Hudson Yards Redevelopment Project. In 2020, Ross's net worth was estimated at $10.1 billion, placing him 185th on the Forbes Billionaires List, a ranking he maintained through 2023. Additionally, he holds primary ownership of the Miami Dolphins football team and Hard Rock Stadium.

Ross is a leading donor to his alma mater, the University of Michigan, with lifetime contributions reaching $478 million, making him the institution’s most generous benefactor. His philanthropic impact is second only to that of New York City mayor Michael Bloomberg in terms of donations to higher education. In recognition of a $100 million gift toward a new facility, the university renamed its business school the Ross School of Business in 2004. The Stephen M. Ross Academic Center was inaugurated in 2006. In 2013, Ross provided a record $200 million donation—divided equally between the business school and athletics—resulting in the athletics campus being named in his honor. Furthering his commitment, he pledged another $100 million in 2020 to initiate fundraising efforts for the University of Michigan Detroit Center for Innovation.

Early life and education

Stephen Michael Ross was born and raised in Detroit within a Jewish household. He initially attended Mumford High School in Detroit before graduating from Miami Beach Senior High School. Ross completed two years at the University of Florida prior to transferring to the University of Michigan, where he earned a Bachelor of Business Administration degree in 1962. He pursued legal studies at Wayne State University, obtaining a Juris Doctor in 1965, followed by a Master of Laws specializing in Taxation from the New York University School of Law in 1966. These educational pursuits were supported by a loan from his uncle, businessman Max Fisher, whom Ross has described as "the most important role model and inspiration for me in life."

Career

Ross began his professional journey as a tax attorney with Coopers & Lybrand based in Detroit. In 1968, he relocated to New York City and joined Laird Inc., the real estate division of Laird Inc., serving as assistant vice president. Subsequently, he worked within corporate finance at Bear Stearns. After being dismissed in 1972 following a disagreement with management, Ross utilized $10,000 borrowed from his mother to initiate real estate deals for affluent investors. Applying his knowledge of federal tax regulations, he structured transactions enabling clients to reduce taxable income through incentives tied to federally subsidized affordable housing projects. This approach yielded significant success, generating $150,000 for Ross in his first year and paving the way for increasingly sophisticated transactions.

Related Companies

Established in 1972 by Ross as Related Housing Companies, Related Companies initially focused on constructing thousands of federally subsidized apartments for low- and moderate-income residents nationwide. During the 1980s, Ross transitioned toward high-profile developments, engaging architect Robert A.M. Stern in the 1990s to design The Chatham at 65th Street and Third Avenue.

Headquartered in New York City, Related maintains offices and projects across Boston, Chicago, Los Angeles, Dallas, Washington, D.C., South Florida, Abu Dhabi, and London. Employing approximately 4,000 staff members, its real estate holdings surpass $60 billion and include mixed-use complexes, residential units, retail spaces, office buildings, trade show venues, and affordable housing located within "premier high-barrier-to-entry markets."

As the largest proprietor of luxury rental residences with over 40,000 units under management, Related’s notable mixed-use developments feature New York’s Deutsche Bank Center; CityPlace in West Palm Beach; The Grand in Los Angeles—designed by architect Frank Gehry; and Manhattan’s expansive 28-acre Hudson Yards project on the west side. Hudson Yards stands as the most extensive and costly real estate venture in the United States, valued at nearly one billion dollars per acre. Ross designed an atrium within Hudson Yards aimed at attracting tenants such as Coach. Beyond real estate development, Related holds significant investments in fitness brands like Equinox Fitness Clubs and SoulCycle, as well as fast-casual dining chains.

In July 2024, Ross declared his intention to resign as chairman of Related Companies to concentrate on initiatives through Related Ross alongside his ownership roles with the Miami Dolphins and Formula 1 enterprises. He will continue serving as nonexecutive chairman.

Via Related Ross, Ross intends to allocate $10 billion toward transforming West Palm Beach into a financial center featuring six million square feet of office space, 1.4 million square feet dedicated to condominiums, and nearly 900 hotel rooms across a 70-acre area amassed over twenty years.

Miami Dolphins

In February 2008, Ross acquired a half-interest in the Miami Dolphins franchise, Dolphin Stadium (now known as Hard Rock Stadium), and adjacent property from then-owner Wayne Huizenga for $550 million, with intentions to serve as managing general partner. On January 20, 2009, Ross expanded his stake by purchasing an additional 45% of the team from Huizenga, bringing the total valuation to $1.1 billion. Currently, Ross holds a 95% ownership share of both the franchise and the stadium, while retaining Bill Parcells as director of football operations.

Ross broadened the ownership group by including minority investors such as Gloria Estefan, Marc Anthony, Venus Williams, and Serena Williams. In 2013, NFL Commissioner Roger Goodell advocated to Florida legislators on Ross’ behalf for public financing aimed at renovating Hard Rock Stadium. The Dolphins requested $3 million annually over 30 years, with Ross agreeing to cover 70% of the costs; however, despite subsidies granted to other venues, this proposal was ultimately declined. Consequently, Ross invested $500 million of private funds to modernize the stadium.

On March 27, 2017, Ross was the only NFL owner to oppose the approval of the Raiders’ relocation to Las Vegas, citing concerns about the impact of multiple franchise moves on players and fans. Additionally, he criticized Chargers owner Dean Spanos for insufficient efforts to maintain the team’s presence in San Diego.

Since 2019, Hard Rock Stadium has served as the venue for the renowned Miami Open.

On February 1, 2022, Ross and the Dolphins were named defendants in a federal class-action lawsuit filed by former head coach Brian Flores, who alleged that Ross offered $100,000 for every loss during the 2019 season. The NFL dismissed these claims as unfounded.

Following a six-month independent inquiry, on August 2, 2022, the NFL sanctioned the Dolphins for breaching anti-tampering policies by engaging in unauthorized discussions with quarterback Tom Brady and coach Sean Payton. As penalties, the team forfeited their first-round pick in 2023 and third-round pick in 2024 drafts. Ross was fined $1.5 million, suspended until October 17, 2022, barred from accessing team facilities and attending league events during his suspension, and removed indefinitely from league committees. Vice chairman Bruce Beal received a $500,000 fine and was prohibited from participating in league meetings for that season. The investigation found no evidence supporting intentional losses during the 2019 campaign.

In December 2024, Ross divested a 10% ownership interest in the Dolphins to private equity firm Ares Management at an $8.1 billion valuation and sold a 3% stake to Alibaba co-founder Joe Tsai. These transactions were among the initial deals executed under new NFL regulations that allow private equity investments in teams, aligning with similar policies in other major sports leagues.

F1

Ross owns the Miami International Autodrome, a temporary racing circuit encircling Hard Rock Stadium with exclusive rights to host the Miami Grand Prix through 2041. The inaugural Formula One Grand Prix at this venue took place during the 2022 season. After years of efforts to secure this event, Ross successfully established the Miami Grand Prix. The circuit is designed to limit disruption to nearby residents and ranks among the newest racetracks in the United States.

RSE Ventures

Established in 2012 by Ross alongside Matt Higgins, RSE Ventures concentrates its investments across sectors such as sports and entertainment, media and marketing, food and lifestyle, as well as technology. The firm manages and holds ownership stakes in enterprises including the Drone Racing League, Thuzio, VaynerMedia, and Relevent.

Civic and philanthropic activities

In 2004, Ross made a groundbreaking $100 million gift to the University of Michigan, resulting in the business school being named the Ross School of Business. This contribution was made through an investment vehicle called RERI, which the university later divested. Ross also co-led the university's fundraising campaign that concluded in 2007. He further pledged $200 million in 2013 to benefit both the business school and the athletics program, setting new records for donations to the institution. An additional $50 million was donated in 2017 to enhance career services, experiential education, and faculty development.

Ross initiated RISE in 2015, a coalition dedicated to advancing racial equity within the sports industry. RISE partners with organizations including NASCAR, National Lacrosse League, PGA of America, Professional Women's Hockey Players Association, United States Tennis Association, and USA Track & Field. By 2020, Ross had allocated $30 million to support RISE’s initiatives.

In 2020, Ross committed $63.5 million to the WRI Ross Center for Sustainable Cities, bringing his total contributions to $100 million. This center promotes sustainable urban development worldwide through a network of more than 350 specialists. Additionally, he played a key role in founding both the WRI Ross Center and the New Urban Mobility alliance (NUMO), backing them with $36.5 million in funding.

Ross holds the title of chairperson emeritus at the Real Estate Board of New York (REBNY). His board memberships include prestigious organizations such as the Solomon R. Guggenheim Foundation, where he supported renovations of landmark structures; New York Presbyterian Hospital; the Urban Land Institute; the NY Chapter of Juvenile Diabetes Research Foundation International; and the Levin Institute. He also serves as a director for both the Jackie Robinson Foundation and the World Resources Institute.

Moreover, he is on the board of Cornell Tech, a $2 billion redevelopment project on Roosevelt Island that features the Joan & Irwin Jacobs Technion-Cornell Institute—a collaboration between Cornell University and the Technion – Israel Institute of Technology designed to accommodate graduate students, faculty members, and a cutting-edge technology incubator.

Politics

Ross has provided substantial financial support to both major U.S. political parties, contributing to leaders such as Chuck Schumer, Jerry Nadler, Andrew Cuomo, and George Pataki, as well as various party organizations including the Democratic Senatorial Campaign Committee and the Republican National Committee.

He was a prominent donor for the Mitt Romney 2012 presidential campaign and hosted an exclusive fundraiser in August 2019 for the Donald Trump 2020 presidential campaign at his Hamptons estate.

In response to boycott calls targeting companies linked to Ross, representatives from Equinox and SoulCycle clarified that these firms were not involved in that event and do not channel profits into political financing.

In 2021, Ross’s super PAC, Common Sense NYC, contributed $550,000 opposing eight progressive Democratic candidates during the 2021 New York City Council election, playing a role in six candidates’ electoral defeats.

Honors and awards

Ross has been the recipient of multiple accolades recognizing his contributions to business, community service, and philanthropy.

In 2009, he was ranked third on The New York Observer's list of the Most Influential Figures in New York Real Estate.

The University of Michigan honored him with an ESPY Award for his charitable work in 2017.

In 2018, the Jackie Robinson Foundation presented Ross with the prestigious ROBIE Lifetime Achievement Award. The following year, he gained induction into the NFL Leadership Hall of Fame.

In 2020, both Ross and the Miami Dolphins were awarded the Paul Tagliabue Award for their commitment to diversity. Then, in 2021, Sports Business Journal acknowledged him as a pioneer in promoting diversity and inclusive recruitment practices.

Personal life

Ross is a father of two children from his initial marriage. In April 2021, he disclosed his divorce from his second wife, Kara (née Gaffney) Ross, ending an 18-year marriage. Together with Gaffney, he has two stepchildren.

He owns a sprawling 11,000-square-foot oceanfront residence in Palm Beach, known as "The Reef."

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