After changing league rules to allow for private-equity investments earlier this year, the NFL could be approaching the first such investment, with a stake in the Miami Dolphins reportedly close to being sold to Ares Management.

Stephen Ross, the billionaire real-estate developer who owns 95% of the Dolphins, reportedly is nearing a deal to sell a 10% stake to Ares, along with another 3% stake to fellow billionaire Joe Tsai, who already owns the NBA’s Brooklyn Nets and WNBA’s New York Liberty, according to Bloomberg.

Dolphins, Stadium, F1 Race Valued at $8.1B

The transactions reportedly would include stakes in the Dolphins, along with other assets owned by Ross like Hard Rock Stadium—where the team plays its home games—and the Miami Grand Prix, the Formula One race that has taken place the last three seasons on a track built around the stadium. The assets are valued at a collective $8.1 billion in the negotiations, which haven’t been finalized, Bloomberg said.

Ross turned down a $10 billion offer for his entire stake in the same group of assets earlier this year, per ESPN, and separate talks with Ken Griffin fell apart last year because the billionaire hedge fund manager wanted a path to become the majority owner, while Ross wants to keep control within his family, the New York Times reported last month.