With his Miami MLS vision, David Beckham has wisely been attempting to partner with the University of Miami football team on a joint-stadium effort, but one of the hurdles will be how costly it will be for the Canes to get out of their lease at Sun Life Stadium and whether Miami Dolphins owner Stephen Ross will be willing to consider it.
They have 17 years remaining on their lease.
Ross makes “more than $4 million annually in revenue” from Canes football but “will be receptive to negotiating terms” according to Miami Herald sources at UM:
The Hurricanes have 17 years left on the lease. So Ross would lose in the neighborhood of $60 million over 14 years if UM leaves. But for buyout purposes, that number could be reduced somewhat factoring in discounted cash flow or if UM occasionally plays big games at Sun Life.
“Let’s hope Steve doesn’t make it difficult,” said a high-ranking UM Board of Trustee member. “Our fans don’t like it up there; they want to be down south. That’s where our base is. You have politicians involved from the city and county, so this is difficult. But MLS needs us for the political side of getting this done. We don’t want to be a renter. We want to be a partner in the project.”