Under the terms of the deal, Huizenga will continue to run the franchise as managing general partner but Ross will be an "active partner" with the possibility of becoming a managing general partner in the future.
"I have always said that I wanted to bring in a partner, and I can't think of anyone more appropriate than Steve," Huizenga said.
"He has unbridled enthusiasm and I couldn't feel better about the future than I do with Steve as my partner and Bill Parcells running football operations."
Ross, who splits his time between New York and Florida, declared himself delighted to be on board.
"Having grown up in South Florida, Dolphins football has been a lifetime passion for me," he said. "I am energised by this opportunity and look forward to being able to once again watch the Dolphins win a Super Bowl alongside all the other loyal Dolphin fans."
The sale continued months of upheaval within the Dolphins franchise.
At the conclusion of a miserable 1-15 season in 2007, coach Cam Cameron and general manager Randy Mueller were fired.
Huizenga hired the legendary Parcells as executive vice-president of football operations, and he has overseen a comprehensive rebuilding project, hiring Jeff Ireland as GM and installing Tony Sparano as head coach.
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