The 10 percent stake for Ares Management would include the Dolphins, Hard Rock Stadium and F1 Miami Grand Prix. Joseph Tsai would buy 3 percent.

Private-equity group Ares Management Corp. and billionaire Joe Tsai, the chair of Alibaba Group, are nearing an agreement to buy minority stakes in the Miami Dolphins based on a total valuation of more than $8 billion for the NFL team,

Ares could become the first private equity firm to make an investment in a NFL franchise since the league changed its rules.

Joe Tsai, the Taiwanese-Canadian billionaire behind Alibaba, is reportedly in talks with Stephen Ross to buy limited ownership stake in Miami Dolphins.

Miami Dolphins owner Stephen Ross is in advanced talks with private equity firm Ares Management and billionaire Joe Tsai to sell stakes in the NFL team and other assets at a valuation of $8.1 billion,

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The deal, which would also include Hard Rock Stadium, values the team at $8.1 billion, according to a person familiar with the negotiations.