Lin Bin, the billionaire cofounder of Chinese internet giant Xiaomi, has agreed to buy a 1% stake in the Miami Dolphins football team's holding company at a valuation of $12.5 billion.

The deal, first reported by Sportico on Tuesday, makes 58-year-old Lin the latest known tycoon from Asia to invest in a sports team. Others include Alibaba chairman Joseph Tsai (NBA's Brooklyn Nets); King Power executive chairman Aiyawatt Srivaddhanaprabha (Leicester City soccer club in England); Forrest Li (Lion City Sailors soccer club in Singapore) of Singapore-based e-commerce and online game company Sea; Vincent........

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