Miami ? New York real estate billionaire Stephen Ross became majority owner of the Miami Dolphins on Tuesday, completing his purchase of 95 percent of the franchise for $1 billion, with Wayne Huizenga retaining a 5 percent interest.

The two businessmen reached an agreement to complete a deal forged last February. At that time, Ross bought 50 percent of the franchise, Dolphin Stadium and surrounding land from Huizenga for $550 million, with an agreement that Ross later would become managing general partner.