Miami Dolphins Owner Fearful on an Obama Tax Sack?

This is a rush transcript from "On the Record ," October 28, 2008. This copy may not be in its final form and may be updated.

GRETA VAN SUSTEREN, FOX NEWS HOST: Miami Dolphins fans, listen up. Your NFL team could soon be sold, and the presidential election is the reason.

Dolphins co-owner says he wants to unload his stake in the team soon because he is afraid Senator Obama will become president. Now, why is the Dolphins owner so afraid of a President Obama?

Joining us live is Jose Lambiet, a columnist for "The Palm Beach Post." Jose, why is the possible sale of the Dolphins linked to this election?

JOSE LAMBIET, "PALM BEACH POST": Because, actually, it would be a capital gains problem for Wayne Huizenga, the co-owner of the Dolphins. Actually, he sold half the team earlier this year for half a billion dollars. He wants to unload another 45 percent, which would be close to another-I'm sorry, $500 million.

The difference between the capital gains now, which is 15 percent, under Obama could mean dozens of millions of dollars for him. Actually, 15 percent is what it is now. Obama wants 20 percent.

Huizenga actually hired a couple of accountants to look at it, and he believes it will be more like 30 percent. So we are talking about hundreds of millions of dollars here, literally.

Watch Greta's interview

VAN SUSTEREN: Why is he getting out of the business? It's a little bit curious. First he sells half of it last summer. Now he wants to unload 45, and he wants to hold onto five.

What is the story? I take it he is rich and he does not have money problems, but why is he doing this?

LAMBIET: The five percent is because he wants to keep a little piece of it. He is a big football fan. He has owned the Dolphins at one point or another for over the last 20 years, depending on how much money we are talking about. So he is a real football fan.

So he wants to do this by the end of the year if possible, early next year at worst, because at the end of the day-they calculated that if he had kept this team for another year under Obama, he could have ended up paying $330 million in taxes on the sale of the team.

And he is a very generous guy, actually Wayne Huizenga is. And he actually does give to charity like crazy. Over the years in Fort Lauderdale and in the Miami area he has probably spent more than $100 million in charity, and he says he would rather do that, he would rather give it to charity, than give it to the taxman.

VAN SUSTEREN: And I suppose we should tell where he got his money-- waste management and also Blockbusters, right?

LAMBIET: Yes. He started Blockbuster.

Actually, first waste management. He started Blockbuster, started the concept. He then went into Auto-nation, another huge company, a new type, at the time, of car dealership.

He had another company called Republic. He bought one and sold the other. And so he made big money over the years.

But he is looking at two things. He is getting up there in age, so there is some estate planning being done. He is a staunch Republican, but never before did I ever hear him take a stand like this. Everybody in town knows he is a Republican and everybody know he is a big donor to the Republican Party. But never before did he make it this public.

VAN SUSTEREN: Jose, thank you.

LAMBIET: My pleasure.

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