Miami Dolphins owner Stephen Ross is engaged in “advanced talks” to sell a stake in the franchise to a private equity firm, according to Bloomberg’s Randall Williams.

Under the proposed deal, Ares Management would purchase a 10 percent stake in a group assets that includes the Dolphins, Hard Rock Stadium and Formula One’s Miami Grand Prix. The assets altogether would be valued at $8.1 billion.

Sportico’s Eben Novy-Williams reported Joe Tsai, who owns the NBA’s Brooklyn Nets and WNBA’s New York Liberty, would purchase an additional three percent stake.

Should the transaction go through, it will be the first time a private equity firm took advantage of the NFL’s new ownership rules. Team owners voted in August to allow up to 10 percent of each franchise to be sold to private equity funds.

CNBC’s Alex Sherman detailed how the ever-increasing franchise valuations prompted the league to consider a radical change.

NFL teams don’t change hands very often and now they’re becoming so expensive that the pool of people who can afford to buy into the league is getting smaller and smaller. Selling a minority stake to private equity is a way for owners to raise some money without fully divesting themselves.

Sherman reported Ares Management was among the firms that had been approved to invest by the NFL.

The Dolphins were previously the subject of outside in May. USA Today‘s Safid Deen reported that Ross “recently entertained a stunning $10 billion offer for control of the Dolphins, Hard Rock Stadium, and the F1 Miami race.” The 84-year-old preferred to keep majority control within his family.

Dolphins CEO Tom Garfinkel told Hal Habib of the Palm Beach Post days later that “I know unequivocally that the team is not for sale.”

By brokering a deal with Ares Management and Tsai, Ross managed to find a middle ground.