Lin Bin, co-founder and vice chairman of Chinese technology company Xiaomi, has purchased a 1% minority stake in the Miami Dolphins at a record valuation of $12.5 billion, the NFL team announced Tuesday.

The transaction, which received approval from the National Football League on Tuesday, involves a non-controlling interest and is expected to close within days. The deal was structured as part of a broader asset sale by Dolphins owner Stephen Ross.

The purchase includes not only the team ownership stake but also interests in related properties and ventures. These assets encompass Hard Rock Stadium, which serves as the Dolphins' home venue, the Formula 1 Miami Grand Prix racing event, and the Miami Open tennis tournament.

The $12.5 billion valuation represents a record figure for an NFL franchise, reflecting the continued appreciation in professional sports team values. The Miami Dolphins, founded in 1966, compete in the American Football Conference East division of the NFL.

Lin Bin co-founded Xiaomi in 2010 and has served as the company's vice chairman. Xiaomi ranks among the world's largest smartphone manufacturers and has expanded into various consumer electronics and internet services sectors.