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Marc Anthony Buys Stake in Miami Dolphins

07/21/2009 at 11:00 AM EDT

Marc Anthony Buys Stake in Miami Dolphins
Stephen Ross and Marc Anthony
Kevin Mazur
Marc Anthony has a new project in the works – and it's not musical: The singer has become a partial owner of the Miami Dolphins, Anthony tells PEOPLE exclusively.

"I'm a huge sports fan," says Anthony, 40. "These opportunities don't come around too often. It's quite an honor and a privilege to be able to sit here today saying that I'm a part-owner of an NFL team."

Anthony struck a deal with Stephen Ross, the New York-based real estate entrepreneur who bought a 95-percent stake in the Dolphins franchise in January. The singer did not disclose the financial terms. "It would have probably been cheaper just to buy season tickets," he said, joking. (Ross paid $1 billion for his share of the team, Sports Illustrated reported at the time.)

Money aside, Anthony says he and Ross shared common goals for the Dolphins.

"We spoke for quite a while about his vision for the team and, like I said, it was just intoxicating," he says. "It was just a win-win for everybody involved."

Ross says the feeling is mutual.

"Marc's a pretty bright guy and he has a lot of interesting ideas," Ross tells PEOPLE. "We're trying to do something different and he was thinking outside the box. I think when your minds start going and thinking of all the different possibilities, I thought it would be a great fit and fun to do something."

While the deal's been made, Anthony still has one more thing to finalize: Finding a house in Miami for his family.

Anthony says he and wife Jennifer Lopez are house hunting now. "Jennifer loves Miami," he says. "So she's really, really happy about this because we're going to be spending a lot of time down there."

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