Xiaomi co-founder Lin Bin buys 1% of the Miami Dolphins at a record valuation‎

Lin Bin, the co-founder and vice chairman of Xiaomi, is buying a 1% stake in the Miami Dolphins along with other assets belonging to owner Stephen Ross at a record valuation of $12.5 billion, the team announced Tuesday. The minority, non-controlling interest sale was approved by the NFL on Tuesday and is expected to close in the coming days. The deal includes Hard Rock Stadium, the Formula 1 Miami Grand Prix and the Miami Open.