In March 1984, with the Federals failing on the field and at the gate for a second straight season, Bernhard decided to sell the franchise. Florida real estate developer Sherwood "Woody" Weiser agreed in principle to buy the Federals for $5.5 million and made plans to relocate the team to Miami as The Spirit of Miami for the 1985 season. In anticipation of the deal, the USFL executed a lease agreement for the Spirit to play at the Miami Orange Bowl. At a meeting on May 9, 1984, the USFL's team owners unanimously approved the sale of the Federals to Weiser.