Football\u2019s 32 clubs are worth $7.1 billion on average, a 25% year-over-year jump, but the Dallas Cowboys sit tall in the saddle with a record valuation for any sports franchise.<\/p>\n
Last August, the Dallas Cowboys became the first pro sports team ever worth $10 billion<\/a>. But a handful of stake sales around the NFL over the past 12 months\u2014as well as the $6.1 billion sale<\/a> of the NBA\u2019s Boston Celtics and the $10 billion deal<\/a> for the Los Angeles Lakers\u2014have shown that investors are more desperate than ever to join the sports franchise dogpile, and the Cowboys have now galloped right past the $11 billion and $12 billion thresholds on the way to their latest financial first down.<\/p>\n For the 19th straight year, Dallas is the NFL\u2019s most valuable team, worth $13 billion, according to Forbes estimates\u2014up 29% from 2024 and double its valuation from just four years ago<\/a>. And the Cowboys have new company in the $10 billion club, with the Los Angeles Rams now worth $10.5 billion and the New York Giants close behind at $10.1 billion.<\/p>\n All 32 NFL teams are worth at least $5 billion for the first time, with the Cincinnati Bengals setting the floor at $5.25 billion\u2014a figure that surpasses all 32 NHL clubs<\/a> in Forbes\u2019 ranking last year and all but seven franchises across the most recent NBA<\/a> and MLB<\/a> valuation lists. The average team value in the NFL now sits at $7.1 billion, a 25% increase over 2024 and a 104% jump from 2021, and league-wide revenue climbed to an estimated $21.2 billion during the 2024 season, rising 74% over the same four-year period.<\/p>\n The Cowboys, however, are in a league of their own with estimated 2024 revenue of $1.2 billion, leading every other NFL team by at least $400 million. In fact, remove the roughly $440 million that every club received from the league office\u2014from national media, sponsorship and merchandise, as well as a pooled portion of league-wide ticket revenue\u2014and Dallas still collected nearly $800 million in purely local revenue, more than the total revenue of every other team except the Las Vegas Raiders.<\/p>\n Even more astonishing, the Cowboys posted operating income of $629 million last season, according to Forbes estimates, meaning Dallas made more in profit than 16 teams logged in revenue.<\/p>\n That money-making machine, coupled with the franchise\u2019s massive fan base and enduring legacy, has led some bankers to conclude that, while $13 billion seems like a fair price for the Cowboys given pro football\u2019s current economics, longtime owner Jerry Jones might draw even higher bids if he ever decided to put the team on the market.<\/p>\n It\u2019s not just Dallas that has an astronomical price tag, either. Miami Dolphins owner Stephen Ross sold a 13% stake<\/a> in his holding company (which also includes Hard Rock Stadium and Formula 1\u2019s Miami Grand Prix) at an $8.1 billion valuation in December, the same month that the Buffalo Bills fetched $5.8 billion in a deal for 20.6% of the team<\/a> and the Philadelphia Eagles sold off 8%<\/a> at an $8.3 billion valuation. Meanwhile, a 6.2% slice<\/a> of the San Francisco 49ers sold for $8.6 billion in May, and the Chicago Bears reached an agreement this month to sell a roughly 2% stake<\/a> at an $8.8 billion valuation.<\/p>\n Despite that run of activity\u2014which also included deals at undisclosed valuations for 8% of the Los Angeles Chargers and 15% of the Las Vegas Raiders\u2014the NFL has not seen a control sale since a group led by private equity billionaire Josh Harris purchased the Washington Commanders<\/a> for $6.05 billion in July 2023. That lag is important because the extent to which the implied valuation in a minority sale reflects the true price of a sports team can be a bit murky. (Traditionally, limited partners have gotten a discount\u2014often 20% to 25%\u2014because they typically have no say in the operations of the team. In recent years, however, tiny slivers of teams have sometimes been sold at a significant premium because the relatively small buy-in has expanded the pool of bidders.)<\/p>\n Still, bankers believe that most of the recent deals are at least in range of a control valuation\u2014even in cases where Forbes\u2019 valuations from just a few months prior look relatively paltry, such as the Eagles (valued at $6.6 billion in August 2024) and the 49ers ($6.8 billion). Notably, after the NFL adjusted its rules last August to allow private equity firms to join its ownership ranks, Ares Management was among the investors in the Dolphins deal, and Arctos Partners bought pieces of the Bills and the Chargers. As a rule, institutional investors are not known for letting ego or emotion inflate the prices they are willing to pay.<\/p>\n The lure of NFL ownership starts with the league\u2019s national media deals, which took effect in 2022 and 2023 and locked in $125.5 billion<\/a> in revenue over the next decade. But many around the sport expect that number to end up considerably higher because the league can opt out of most of its agreements in 2029 and secure even better rates, capitalizing on the success the NBA had negotiating an 11-year, $76 billion package<\/a> with Amazon, ESPN and NBC last year. The NFL also moved this month to acquire a 10% stake in ESPN in exchange for the NFL Network and other media assets, including the TV rights to the RedZone channel.<\/p>\n Meanwhile, the NFL continues to increase its marketing revenue, approaching $2.5 billion in team sponsorships<\/a> last season in a 6% rise from the previous year, according to research firm SponsorUnited. And football has plenty of room to grow internationally, where the NFL\u2019s broadcast rights are negligible and teams have only recently started to devote real resources as part of the league\u2019s global markets program.<\/p>\n One other clear perk of NFL ownership is that it has become nearly impossible to lose money in the league, with the 32 teams averaging $127 million in operating income last season and no team falling below $21 million, according to Forbes estimates. That kind of profitability isn\u2019t guaranteed in other sports, such as MLB, where Forbes estimates that 11 teams were in the red last season.<\/p>\n The result of all of those tailwinds is that Forbes now pegs the average revenue multiple in the NFL at 10.7x, spiking from 9x in 2024 and 6.4x five years ago<\/a>. And as the league scans the field for its next big score, it may already be in the red zone: The Giants are searching for a buyer for around 10% of the franchise<\/a>.<\/p>\n The Most Valuable NFL Teams 2025\n<\/p>\n #1. $13 billion<\/p>\n One-Year Change: 29% | Revenue: $1.234 billion | Operating Income: $629 million | Owner: Jerry Jones<\/a><\/p>\n Timothy Nwachukwu\/Getty Images<\/p>\n #2. $10.5 billion<\/p>\n One-Year Change: 38% | Revenue: $764 million | Operating Income: $244 million | Owner: E. Stanley Kroenke<\/a><\/p>\n Katelyn Mulcahy\/Getty Images<\/p>\n #3. $10.1 billion<\/p>\n One-Year Change: 38% | Revenue: $707 million | Operating Income: $181 million | Owners: John Mara, Steven Tisch<\/a><\/p>\n Mitchell Leff\/Getty Images<\/p>\n #4. $9 billion<\/p>\n One-Year Change: 22% | Revenue: $762 million | Operating Income: $222 million | Owner: Robert Kraft<\/a> One-Year Change: 26% | Revenue: $723 million | Operating Income: $115 million | Owner: York family<\/a> One-Year Change: 26% | Revenue: $688 million | Operating Income: $117 million | Owner: Jeffrey Lurie<\/a> One-Year Change: 28% | Revenue: $629 million | Operating Income: $80 million | Owner: McCaskey family<\/a> One-Year Change: 17% | Revenue: $663 million | Operating Income: $180 million | Owner: Johnson family<\/a> One-Year Change: 15% | Revenue: $832 million | Operating Income: $179 million | Owner: Mark Davis<\/a> One-Year Change: 21% | Revenue: $644 million | Operating Income: $116 million | Owner: Josh Harris<\/a><\/p>\n Michael Owens\/Getty Images<\/p>\n #11. $7.5 billion<\/p>\n One-Year Change: 21% | Revenue: $656 million | Operating Income: $63 million | Owner: Stephen Ross<\/a> One-Year Change: 21% | Revenue: $687 million | Operating Income: $156 million | Owner: Cal McNair<\/a> One-Year Change: 24% | Revenue: $645 million | Operating Income: $103 million | Owner: Greg Penner<\/a> One-Year Change: 23% | Revenue: $624 million | Operating Income: $143 million | Owner: Paul G. Allen Trust<\/p>\n Jane Gershovich\/Getty Images<\/p>\n #15. $6.65 billion<\/p>\n One-Year Change: 19% | Revenue: $719 million | Operating Income: $83 million | Owner: shareholders One-Year Change: 22% | Revenue: $629 million | Operating Income: $130 million | Owner: Glazer family<\/a> One-Year Change: 23% | Revenue: $619 million | Operating Income: $137 million | Owners: Arthur Rooney II<\/a>, Daniel Rooney Trust One-Year Change: 24% | Revenue: $685 million | Operating Income: $90 million | Owners: Dee and Jimmy Haslam<\/a><\/p>\n Cooper Neill\/Getty Images<\/p>\n #19. $6.35 billion<\/p>\n One-Year Change: 22% | Revenue: $612 million | Operating Income: $37 million | Owner: Arthur Blank<\/a> One-Year Change: 29% | Revenue: $582 million | Operating Income: $93 million | Owner: Amy Adams Strunk<\/a> One-Year Change: 24% | Revenue: $609 million | Operating Income: $70 million | Owner: Zygmunt Wilf One-Year Change: 28% | Revenue: $610 million | Operating Income: $66 million | Owner: Hunt family<\/a> One-Year Change: 22% | Revenue: $621 million | Operating Income: $115 million | Owner: Stephen Biscotti<\/a> One-Year Change: 18% | Revenue: $593 million | Operating Income: $105 million | Owner: Dean Spanos<\/a> One-Year Change: 42% | Revenue: $585 million | Operating Income: $104 million | Owners: Terrence and Kim Pegula<\/a> One-Year Change: 23% | Revenue: $593 million | Operating Income: $109 million | Owner: Irsay family<\/a><\/p>\n Justin Casterline\/Getty Images<\/p>\n #27. $5.7 billion<\/p>\n One-Year Change: 27% | Revenue: $588 million | Operating Income: $36 million | Owner: David Tepper<\/a> One-Year Change: 22% | Revenue: $552 million | Operating Income: $106 million | Owner: Shahid Khan<\/a> One-Year Change: 28% | Revenue: $571 million | Operating Income: $62 million | Owner: Michael Bidwill One-Year Change: 30% | Revenue: $585 million | Operating Income: $21 million | Owner: Ford family<\/a> One-Year Change: 20% | Revenue: $607 million | Operating Income: $115 million | Owner: Gayle Benson<\/a> One-Year Change: 28% | Revenue: $573 million | Operating Income: $50 million | Owner: Michael Brown<\/a> Figures for revenue and operating income (earnings before interest, taxes, depreciation and amortization) are estimated for the 2024 season and are net of stadium debt service. Debt includes both team and stadium debt recourse to team owners. Forbes presents its P&L figures on a cash basis, rather than an accrual basis, of accounting.<\/p>\n Team values are enterprise values (equity plus net debt) and include the economics of the team\u2019s stadium (including non-NFL revenue that accrues to the team\u2019s owner) but not the value of the stadium real estate itself. Team values also exclude other businesses related to the team with separate financial statements, such as The Star, the Dallas Cowboys\u2019 headquarters and entertainment district. Team values are rounded to the nearest $50 million, and estimated operating income is rounded to the nearest $1 million.<\/p>\n Sources for Forbes\u2019 NFL valuations include team executives, sports bankers and league consultants; public documents, such as stadium lease agreements and credit rating reports; and sponsorship and broadcasting industry executives.<\/p>\n \nMore From ForbesForbesInside Rob Gronkowski’s Beautiful MindBy Justin Birnbaum<\/a>ForbesMichael Strahan
\n#5. $8.6 billion<\/p>\n
\n#6. $8.3 billion<\/p>\n
\n#7. $8.2 billion<\/p>\n
\n#8. $8.1 billion<\/p>\n
\n#9. $7.7 billion<\/p>\n
\n#10. $7.6 billion<\/p>\n
\n#12. $7.4 billion<\/p>\n
\n#13. $6.8 billion<\/p>\n
\n#14. $6.7 billion<\/p>\n
\n#16. $6.6 billion<\/p>\n
\n#17. $6.5 billion<\/p>\n
\n#18. $6.4 billion<\/p>\n
\n#20. $6.3 billion<\/p>\n
\n#21. $6.25 billion<\/p>\n
\n#22. $6.2 billion<\/p>\n
\n#23. $6.1 billion<\/p>\n
\n#24. $6 billion<\/p>\n
\n#25. $5.95 billion<\/p>\n
\n#26. $5.9 billion<\/p>\n
\n#28. $5.6 billion<\/p>\n
\n#29. $5.5 billion<\/p>\n
\n#30. $5.4 billion<\/p>\n
\n#31. $5.3 billion<\/p>\n
\n#32. $5.25 billion<\/p>\n
\nMETHODOLOGY<\/p>\n
\nIs On The ClockBy Simone Melvin<\/a>ForbesThe NFL\u2019s Favorite Mentalist Already Knows You\u2019re Going To Click On ThisBy Justin Birnbaum<\/a>ForbesWhy Paramount\u2019s $7.7 Billion UFC Gamble Will Pay OffBy Matt Craig<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Football\u2019s 32 clubs are worth $7.1 billion on average, a 25% year-over-year jump, but the Dallas Cowboys sit…\n","protected":false},"author":2,"featured_media":324140,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2066],"tags":[230,229,257,2461,7,24524,24522,59808,6,59807,59811,59806,59809,59810],"class_list":{"0":"post-324139","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-dallas-cowboys","8":"tag-cowboys","9":"tag-dallas","10":"tag-dallas-cowboys","11":"tag-dallascowboys","12":"tag-football","13":"tag-football-team-values","14":"tag-most-valuable-football-teams","15":"tag-most-valuable-nfl-teams","16":"tag-nfl","17":"tag-nfl-most-valuable-teams","18":"tag-nfl-team-net-worth","19":"tag-nfl-team-values","20":"tag-nfl-valuations","21":"tag-richest-nfl-team"},"share_on_mastodon":{"url":"https:\/\/channels.im\/@nfl\/115106029434681862","error":""},"_links":{"self":[{"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/posts\/324139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/comments?post=324139"}],"version-history":[{"count":0,"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/posts\/324139\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/media\/324140"}],"wp:attachment":[{"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/media?parent=324139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/categories?post=324139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rawchili.com\/nfl\/wp-json\/wp\/v2\/tags?post=324139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}