The Value Surge of Football Teams: Cowboys Lead the Pack
Last August, the Dallas Cowboys broke new ground by becoming the first professional sports team valued at $10 billion. This leap was influenced by numerous stake sales within the NFL in the past year, such as the $6.1 billion sale of the Boston Celtics and the $10 billion deal for the Los Angeles Lakers. These transactions illustrate a growing investor interest in sports franchises, allowing the Cowboys to leap beyond the $11 billion and $12 billion valuations.
For the 19th consecutive year, the Cowboys have been ranked as the NFL’s most valuable team, boasting an estimate of Forbes at $13 billion—an increase of 29% from 2024 and double their value from just four years prior. Joining them in the elite $10 billion bracket are the Los Angeles Rams at $10.5 billion and the New York Giants at $10.1 billion.
In a significant milestone, all 32 NFL teams are now valued at no less than $5 billion, with the Cincinnati Bengals setting the minimum at $5.25 billion—higher than all 32 NHL teams in last year’s Forbes ranking. The average team valuation in the NFL stands at $7.1 billion, which indicates a 25% increase over last year and a remarkable 104% rise since 2021. League-wide revenue reached roughly $21.2 billion during the 2024 season, marking a 74% increase over a four-year span.
Distinctively, the Cowboys lead the league in revenue, with an estimated $1.2 billion for 2024, surpassing other NFL teams by at least $400 million. If we exclude the approximately $440 million in revenue each team receives from the league’s office, the Cowboys still recorded about $800 million in local revenue—outstripping the total revenue of all but the Las Vegas Raiders.
Staggeringly, the Cowboys reported an operating income of $629 million last season, meaning they earned more profit than 16 teams generated in total revenue. This financial strength, combined with their broad fan base and historic presence, suggests that while $13 billion appears fair for the Cowboys based on current NFL economics, owner Jerry Jones could attract even higher offers if he were to sell the team.
Beyond Dallas, several teams are also seeing significant valuations. For instance, Miami Dolphins owner Stephen Ross recently sold a 13% stake in his holding company, which includes Hard Rock Stadium, at an $8.1 billion valuation. Similarly, other franchises like the Buffalo Bills and Philadelphia Eagles have been valued at $5.8 billion and $8.3 billion, respectively.
