During the 2011 lockout, NFL teams consistently refused to open the their books.
Maybe, based on the Dolphins books, they should have.
The Dolphins have shared financial documents with Miami-Dade County as part of an effort to finagle public money for the renovations to Sun Life Stadium. According to Douglas Hanks of the Miami Herald, things aren’t going so well.
While the team is earning roughly $25 million in operating profits, debt payments and other expenses have resulted in years with little profit — and some years with losses.
The team has projected a $14 million loss by 2014, at which time overall cash losses are projected to approach $70 million.
“It’s payroll,” CEO Mike Dee said recently. “We’ve been operating at a loss. Those numbers speak for themselves.”
The goal of the disclosure is to justify the increase of local hotel taxes to help pay for the upgrades to Sun Life Stadium. And the numbers back that up. As long as we set aside for these purposes the net worth of owner Stephen Ross.