For 18 consecutive years, the Dallas Cowboys have retained their title as the most valuable team in the National Football League (NFL). However, they are not the first franchise to surpass the $1 billion, $2 billion, or even $3 billion valuation milestones—those achievements were reached by the then-Washington Redskins in 2004, Manchester United in 2012, and Real Madrid in 2013, respectively.
In a significant milestone, the Dallas Cowboys have become the first sports team to exceed the $10 billion valuation mark. According to Forbes’ latest rankings, the Cowboys are valued at $10.1 billion, marking a 77% increase since 2020, when the COVID-19 pandemic briefly slowed the growth of NFL team valuations. This increase reflects an annualized return of 15%, surpassing the S&P 500’s 13% growth over the same period.
Despite not securing a Super Bowl win since 1996, the Cowboys hold a commanding $2.5 billion lead over the NFL’s second-most-valuable team, the Los Angeles Rams, and a staggering $7 billion advantage over the Cincinnati Bengals, who occupy the 32nd spot. This valuation gap is largely attributed to the Cowboys’ substantial local revenue, which approached $800 million in the 2023 season from ticket sales, sponsorships, merchandise, and other sources. No other team in the league generated more than $400 million in local revenue; the Las Vegas Raiders and the Rams were the closest, and Dallas’ $564 million in operating income nearly doubled the Rams’ $286 million.
The NFL as a whole is experiencing significant financial success, with each team benefiting from a lucrative new national media rights package that began last season. This package includes agreements with CBS, ESPN/ABC, Fox, NBC, YouTube, and Amazon’s Thursday Night Football deal, ensuring at least $125.5 billion in revenue through 2033. As a result, all 32 NFL teams are now valued at a minimum of $4 billion, with an average value of $5.7 billion—an 11% increase from the 2023 average of $5.1 billion. Each team is also profitable, with operating income of at least $56 million for the 2023 season, contrasting with losses reported by multiple teams in Major League Baseball, Major League Soccer, and the NBA.
The future of the NFL’s “Sunday Ticket” package, which transitioned from DirecTV to YouTube last season, remains uncertain amid ongoing antitrust litigation. A recent federal court ruling overturned a $4.7 billion jury verdict against the league, with an appeal expected from the plaintiffs. Nonetheless, the sale of the Washington Commanders for a record $6.05 billion last year indicates a positive trend for team valuations.
Additional factors contributing to rising team values include Netflix’s planned streaming of two Christmas Day games this season and at least one in the subsequent years, expanding the media landscape. The NFL’s international growth, with five games scheduled abroad in 2024 and flag football making its Olympic debut in Los Angeles in 2028, along with ongoing efforts to expand the regular season and the legalization of sports betting, also play a role. Several teams are exploring new stadiums, which generally enhance revenue prospects.
In a recent development, the NFL has raised its debt limits, increasing the maximum debt for teams to $700 million and for prospective buyers to $1.2 billion. This adjustment is expected to facilitate team acquisitions by making it easier for buyers to meet the league’s equity requirements.
While the Dallas Cowboys are the first team to achieve a $10 billion valuation, they are unlikely to be the last as the NFL’s financial landscape continues to evolve.
Top 10 NFL Teams by Valuation:
Dallas Cowboys: $10.1 billion (One-Year Change: 12%) | Operating Income: $564 million | Owner: Jerry Jones
Los Angeles Rams: $7.6 billion (One-Year Change: 10%) | Operating Income: $286 million | Owner: E. Stanley Kroenke
New England Patriots: $7.4 billion (One-Year Change: 6%) | Operating Income: $261 million | Owner: Robert Kraft
New York Giants: $7.3 billion (One-Year Change: 7%) | Operating Income: $190 million | Owners: John Mara, Steven Tisch
New York Jets: $6.9 billion (One-Year Change: 13%) | Operating Income: $138 million | Owner: Johnson family
San Francisco 49ers: $6.8 billion (One-Year Change: 13%) | Operating Income: $144 million | Owner: York family
Las Vegas Raiders: $6.7 billion (One-Year Change: 8%) | Operating Income: $115 million | Owner: Mark Davis
Philadelphia Eagles: $6.6 billion (One-Year Change: 14%) | Operating Income: $158 million | Owner: Jeffrey Lurie
Chicago Bears: $6.4 billion (One-Year Change: 2%) | Operating Income: $138 million | Owner: McCaskey family
Washington Commanders: $6.3 billion (One-Year Change: 4%) | Operating Income: $160 million | Owner: Josh Harris
Methodology: Figures for revenue and operating income are estimated for the 2023 season and account for stadium debt service. Valuations include team and stadium economics but exclude the value of stadium real estate and other related businesses. Values are rounded to the nearest $50 million, and operating income is rounded to the nearest $1 million.
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