The Dallas Cowboys have been the most valuable team in the richest sports league in the world for 18 consecutive years, but the U.S. team was not the first franchise to be worth $1 billion, nor $2 billion, or even $3 billion (according to Forbes’ calculations, those milestones were first reached, in this order, by the Washington Redskins in 2004, Manchester United in 2012, and Real Madrid in 2013).
However, if everything is indeed bigger in Texas, Dallas owner Jerry Jones can surely appreciate this: the Cowboys are the first sports team to cross the $10 billion threshold, reaching $10.1 billion on Forbes’ annual list of the most valuable NFL teams. That figure represents a 77% increase since 2020, when the Covid-19 pandemic temporarily halted the growth of NFL teams, and an annualized profitability of 15%, surpassing the S&P 500’s 13% return in the same four-year period.
When Forbes first ranked the most valuable NFL teams in 1998, the Dallas Cowboys led the league with a value of $413 million. This year, they are valued at $10.1 billion, an increase of 2,346%.
While the Cowboys haven’t won a Super Bowl since 1996, they now have a $2.5 billion lead over the second most valuable NFL team, the Los Angeles Rams, and a gap of $7 billion ahead of the Cincinnati Bengals, who rank 32nd, thanks to nearly $800 million in local revenue for Dallas during the 2023 season, including ticket sales, sponsorships, merchandise, and other club-specific streams. No other professional football team even exceeded $400 million, with the Raiders and Rams coming closest, and Dallas’ $564 million in operating income nearly doubled the Rams’ $286 million in second place.
However, all NFL franchises are on the rise, with approximately $380 million in revenue per team coming from the league’s new lucrative national media rights package that went into effect last season. The agreements (with CBS, ESPN/ABC, Fox, NBC, and YouTube, plus the Amazon Thursday Night Football deal that began a year earlier) are set to pay at least $125.5 billion through 2033.
This kind of guaranteed money means that all 32 NFL teams are now valued at least $4 billion, with an average of $5.7 billion, an 11% increase over the previous record of $5.1 billion in 2023. And all teams are profitable, with reported operating income of at least $56 million on average for the 2023 season, according to Forbes estimates.
Read more: 2024 NFL season, the first of the century without Belichick, the most winning in the Super Bowl era
More immediately, the NFL, which has always required team owners to be individuals, may see an influx of private capital money following a vote at a special meeting on Tuesday to allow select funds to own up to 10% of a franchise’s equity. That level of investment is well below what the MLB (15%), MLS (20%), NBA (20%), and NHL (20%) allow a fund to own, so the impact may be somewhat moderate. However, the idea is that institutional investors could broaden the ranks of potential bidders for teams, a pool that would otherwise shrink increasingly as prices continue to soar.
Additionally, in October, the NFL raised its debt limit for teams from $600 million to $700 million, and from $1.1 billion to $1.2 billion for team buyers. This should make it easier for a potential NFL owner to cover the 30% equity stake the league requires the general partner of a franchise to have.
So, while the Cowboys are the first team to reach $10 billion, they certainly won’t be the last.
Interested? The NFL opens the door to private equity stakes; here’s what it means
These are the 10 most valued teams in the NFL
#1 The Dallas Cowboys, $10.1 billion
Owner: Jerry Jones
The Cowboys are the first sports team to exceed the $10 billion valuation mark. Dallas has been known as America’s team since the 1970s and, despite not winning a Super Bowl since the 1990s, the club continues to dominate off the field. For the third consecutive season, Forbes estimates that the Cowboys’ revenue exceeds $1 billion. Reaching the $10 billion mark is not the first time Dallas has made history regarding valuations: in 2015 and 2018, the club was the first to be valued at $4 billion and $5 billion, respectively.
#2 Los Angeles Rams, $7.6 billion
Owner: E. Stanley Kroenke
In November 2023, Rams owner Stan Kroenke shelled out $650 million to purchase land in Woodland Hills to build a new training facility for the club. The plans presented by the team included not only the training facility but also a new team headquarters, retail spaces, restaurants, and public park space. The opening of the new facility was slated for early August, but unexpected setbacks have left the team currently at California Lutheran University.
#3 New England Patriots, $7.4 billion
Owner: Robert Kraft
After 24 seasons and six Super Bowl wins, the Patriots are officially in the post-Belichick era. Belichick announced he would leave the organization in January 2024 after his worst season at the helm, leading the Patriots to a meager 4-13 record. New England selected former linebacker Jerod Mayo as the next head coach one week later. Mayo played for Belichick throughout his eight-year career and then served as inside linebackers coach under Belichick for five years.
#4 New York Giants, $7.3 billion
Owners: John Mara, Steven Tisch
The Giants partnered with Crestron to transform the club’s draft room using the latest technology. With Crestron’s help, the Giants’ draft room has been modernized and digitized using video boards and tablet controllers instead of magnets to show players in and out of the board. The Giants also believe that the digitalization of their draft room will be more effective year-round, as it will be easier to track college players using the new systems. As part of the deal, Crestron was the primary sponsor of the Giants Draft Room program and will appear on video boards, pylons, and TVs during games throughout the season.
#5 New York Jets, $6.9 billion
Owner: Johnson family
In October 2023, the Jets and Eleven Media announced a partnership in an effort to increase opportunities for medium and small businesses to connect and establish relationships with major sports teams. Eleven is a big name in the U.K., partnering with many Premier League teams, and has recently made its way to the U.S., initially partnering with MLS’s NYCFC before moving into the NFL. After connecting over 1,000 small businesses with professional sports teams worldwide, Eleven and the Jets’ goal for the 2023 season seemed quite reasonable: to land 40 New York area businesses as partners with the Jets.
#6 San Francisco 49ers, $6.8 billion
Owner: York family
The 49ers and Levi’s Stadium are set to host both the Super Bowl and the 2026 World Cup games, and preparations are already underway. The club has invested about $200 million in upgrading premium seating areas, connectivity systems, new video boards, LED displays, and improving concession areas. Levi’s Stadium is only 10 years old, but the club is committed to keeping it on par with newer stadiums in the league.
#7 Las Vegas Raiders, $6.7 billion
Owner: Mark Davis
After a tough start to the 2023 season with a 3-5 record, Las Vegas relieved Josh McDaniels of his duties as head coach and promoted Antonio Pierce to interim. Pierce turned things around and finished with a 5-4 record in the second half, narrowly missing out on a playoff spot. The Raiders rewarded Pierce’s efforts and officially hired him as the club’s next head coach shortly after the 2023 regular season ended.
#8 Philadelphia Eagles, $6.6 billion
Owner: Jeffrey Lurie
In May, the Eagles announced a new deal with TickPick to be the official fan experience partner of the franchise. The centerpiece of the deal will be TickPick Landing, an exclusive pre-game experience with all-inclusive food and beverage and the opportunity to meet Eagles legends. The space will be open two hours before the game for 90 TickPick customers before being opened to all fans one hour before kickoff. Additionally, fans purchasing a TickPick Fan Experience package will have the opportunity to hold the American flag on the field during the National Anthem, while other fans will win signed memorabilia.
#9 Chicago Bears, $6.4 billion
Owner: McCaskey family
After submitting another proposal for a new stadium in April, not much has changed between the Bears and Chicago. By the end of July, Illinois Governor Pritzker said it was unlikely an agreement would be reached before the year’s end. The new domed stadium proposal aims to begin construction in 2025, with several other amenities planned around the stadium, including 14 acres of public park and sports field space to serve the city’s youth.
#10 Washington Commanders, $6.3 billion
Owner: Josh Harris
In August, Commanders owner Josh Harris said he expects to have a new stadium open in time for the 2030 NFL season. Reports indicate that the city of DC agreed to pay $565,000 to a subsidiary of stadium operator ASM Global to develop site plans, identify revenue sources, and assess potential local and regional funding options for the RFK Stadium site, home of the former Redskins from 1961 to 1996. Despite the investment, the return of RFK is far from certain. The club’s lease at Commanders Field ends after the 2027 season, but the team can play there indefinitely as Harris and company own both the stadium and the land it sits on.
11. Miami Dolphins, $6.2 billion; owner: Stephen Ross
12. Houston Texans, $6.1 billion; owner: Janice McNair
13. Green Bay Packers, $5.6 billion; owner: Shareholders
14. Denver Broncos, $5.5 billion; owner: Greg Penner
15. Seattle Seahawks, $5.45 billion; owner: Paul G. Allen
16. Tampa Bay Buccaneers, $5.4 billion; owner: Glazer family
17. Pittsburgh Steelers, $5.3 billion; owner: Arthur Rooney
18. Atlanta Falcons, $5.2 billion; owner: Arthur Blank
19. Cleveland Browns, $5.15 billion; owner: Dee and Jimmy Haslam
20. Los Angeles Chargers, $5.1 billion; owner: Dean Spanos
21. Minnesota Vikings, $5.05 billion; owner: Zygmunt Wilf
22. Baltimore Ravens, $5 billion; owner: Stephen Biscotti
23. Tennessee Titans, $4.9 billion; owner: Amy Adams
24. Kansas City Chiefs, $4.85 billion; owner: Hunt family
25. Indianapolis Colts, $4.8 billion; owner: James Irsay
26. Jacksonville Jaguars, $4.6 billion; owner: Shahid Khan
27. Carolina Panthers, $4.5 billion; owner: David Tepper
28. New Orleans Saints, $4.4 billion; owner: Gayle Benson
29. Arizona Cardinals, $4.3 billion; owner: Michael Bidwill
30. Buffalo Bills, $4.2 billion; owner: Terrence and Kim Pegula
31. Detroit Lions, $4.15 billion; owner: Ford family
32. Cincinnati Bengals, $4.1 billion; owner: Michael Brown
The revenue and operational income figures (earnings before interest, taxes, depreciation, and amortization) are estimated for the 2023 season and are net of stadium debt service. The debt includes recourse to the team owners for both the team and the stadium. Forbes presents its profit and loss figures in cash accounting terms, rather than accrued.
The team values are enterprise values (equity plus net debt) and include the team’s stadium economics (including non-NFL revenue attributable to the team owner), but do not include the value of the stadium’s real estate itself. The team values also exclude other related team businesses with separate financial statements, such as The Star, the Dallas Cowboys’ headquarters and entertainment facilities. (Those valuations are included in Forbes’ annual sports empire ranking.) Team values are rounded to the nearest $50 million, and estimated operating incomes are rounded to the nearest $1 million.
Sources for NFL valuations include team executives, sports bankers, and league consultants; public documents such as stadium lease agreements and credit rating reports; and executives from the sponsorship and broadcasting industry.
This article was originally published by Forbes US.