The NFL is home to some of the wealthiest sports teams in the world, and at the top of the list sits a familiar name—the Dallas Cowboys. While “America’s Team” hasn’t won a Super Bowl since 1996, they continue to dominate off the field. For the 18th straight year, the Cowboys reign as the most valuable team in the NFL, and now, they’re in a league of their own with a staggering $10.1 billion valuation.
The NFL’s Valuation Game
The Dallas Cowboys hit a significant milestone, becoming the first sports franchise to surpass $10 billion in value. Their revenue, driven by local income streams like ticket sales, sponsorships, and merchandise, hit nearly $800 million in 2023. This is significantly higher than the next most valuable team, the Los Angeles Rams, valued at $7.6 billion. With a solid $400 million in local revenue, the Rams come close but still trail far behind the Cowboys’ financial juggernaut.
Despite their differences in valuation, all 32 NFL teams enjoy profitability, with a minimum operating income of $56 million for the 2023 season. Thanks to the league’s lucrative national media deals with CBS, ESPN/ABC, Fox, NBC, YouTube, and Amazon, NFL teams earned around $380 million each from broadcast rights alone. These agreements are set to pour $125.5 billion into the league through 2033.
The NFL’s growing international presence and the potential for private equity investments in team ownership suggest that franchise valuations will continue to climb. While the Cowboys are currently the only team valued over $10 billion, they likely won’t hold that title alone for long as team prices continue to soar across the league.
Let’s Dive Into How The Cowboys And Other Teams Stack Up Regarding Financial Worth
The NFL is known for its colossal financial clout, and its top franchises are among the most valuable sports teams in the world. Each team brings in huge revenue streams from ticket sales, sponsorships, and merchandise, driven by a combination of local income and lucrative national media rights deals. Let’s have a look at their recent growth, financial standing, and ownership.
5. New York Jets – $6.9 Billion
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The New York Jets are valued at $6.9 billion in 2024. They experienced a 13% increase in their valuation, the highest growth rate among the top five teams. The Jets’ financial success is mainly due to their location in the New York metropolitan area and their shared use of MetLife Stadium with the Giants.
The Johnson family, which owns the Jets, has steadily increased the team’s value by focusing on growing their fanbase and securing major sponsorship deals. In 2023, the Jets generated $138 million in operating income, placing them behind the Giants but firmly in the top tier of NFL franchises.
The Jets have also benefited from the recent buzz surrounding their young quarterback, Zach Wilson, and their new head coach, Robert Saleh, who have brought renewed hope to a franchise that has struggled for decades. With a passionate fanbase and strong revenue streams, the Jets have solidified their position as one of the most valuable teams in the NFL.
4. New York Giants – $7.3 Billion
With a valuation of $7.3 billion, the New York Giants are in fourth place. Their value increased 7% over the past year, thanks to their strong fanbase and prime location in the New York metropolitan area. Owned by the Mara and Tisch families, the Giants have been a staple of the NFL since their founding in 1925, and their legacy continues to pay off.
The Giants generated $190 million in operating income in 2023, placing them comfortably in the top tier of NFL teams in terms of profitability. Despite not having much recent success on the field, the team continues to be a significant draw, regularly selling out MetLife Stadium, which they share with the New York Jets. The stadium opened in 2010 and has been an important revenue generator for the team, hosting football games and major events like concerts and international soccer matches.
John Mara and Steve Tisch, who jointly own the Giants, have capitalized on the team’s history and brand appeal, ensuring that they remain one of the most valuable sports franchises in the world. With a loyal fanbase and consistent revenue streams, the Giants continue to thrive financially, even in the highly competitive New York market.
3. New England Patriots – $7.4 Billion
The New England Patriots rank third, valued at $7.4 billion, with a 6% increase from last year. While the Patriots no longer dominate the NFL as they did during the Tom Brady era, their business remains as strong as ever. With Robert Kraft at the helm since 1994, the Patriots have become one of the most successful franchises in NFL history, both on and off the field.
In 2023, the Patriots generated $261 million in operating income, continuing to be a financially dominant force. Much of their value stems from their global brand, built during their unprecedented six Super Bowl titles under Brady and coach Bill Belichick. Even with Brady’s departure in 2020, the Patriots continue to attract a loyal fanbase, sell merchandise, and secure lucrative sponsorship deals.
Kraft has invested heavily in the team’s infrastructure, including Gillette Stadium, which opened in 2002, and the surrounding Patriot Place complex, a shopping and entertainment destination. These investments have helped the Patriots maintain high financial stability, ensuring they remain among the most valuable franchises in the NFL.
2. Los Angeles Rams – $7.6 Billion
The Los Angeles Rams come in second, with a valuation of $7.6 billion, up 10% from the previous year. Their financial success has been attributed mainly to their move back to Los Angeles in 2016 and the opening of the state-of-the-art SoFi Stadium in 2020, which they share with the Los Angeles Chargers. SoFi Stadium, which cost a staggering $5.5 billion, has become a massive revenue generator, allowing the Rams to secure major deals with sponsors and attract large crowds.
The Rams’ operating income in 2023 was $286 million, placing them behind only the Cowboys in profitability. Owner E. Stanley Kroenke owns the Denver Nuggets, Colorado Avalanche, and Arsenal FC and has made significant investments to ensure the Rams’ long-term financial success. Kroenke’s ability to secure the stadium deal and leverage the team’s brand in the Los Angeles market has been crucial to their rapid rise in value.
Quarterback Matthew Stafford, who led the team to a Super Bowl victory in 2022, continues to be a major draw for fans, helping the team sell out games and drive merchandise sales. The Rams’ appeal extends beyond the football field, as they’ve become a cultural icon in Los Angeles, boosting their revenue streams and overall valuation.
1. Dallas Cowboys – $10.1 Billion
For the 18th consecutive year, the Dallas Cowboys maintain their position as the most valuable team in the NFL and the entire sports world. Valued at a whopping $10.1 billion in 2024, they were also the first sports team to surpass the $10 billion mark. This represents a 12% increase in their value compared to last year, cementing their dominance in terms of financial power.
Despite not winning a Super Bowl since 1996, the Cowboys are an unmatched revenue-generating machine. They brought in an operating income of $564 million in 2023, more than double the next most valuable franchise, the Los Angeles Rams. The team’s nearly $800 million in local revenue comes from ticket sales, sponsorships, and merchandise, outpacing all other NFL teams.
Dallas’ owner, Jerry Jones, has played an important role in the team’s success since purchasing the franchise in 1989 for just $150 million. His investments in AT&T Stadium and the team’s various business ventures have allowed the Cowboys to consistently out-earn every team in the league. Jones’ knack for business and branding has ensured that the Cowboys dominate both the field and off the field.
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