NFL Club Worth in 2025: Dallas Cowboys Lead With Three Teams Valued Over $10 Billion
The National Football League (NFL) has seen a significant surge in the value of its teams, with the average team now worth a staggering $7.13 billion - a 20% increase from just a year ago. This growth is not only reflected in the league's collective worth of $228 billion but also in the individual team profits, which average an estimated $151 million based on earnings before interest, taxes, depreciation, and amortization.
This transformation is largely due to the increased private equity investment in NFL teams. Private equity firms have been actively investing in these franchises, adding value beyond mere capital injection by leveraging operational improvements, digital innovation, and growth strategies. As a result, multiple teams now exceed $10 billion in value, such as the Dallas Cowboys ($12.8 billion), Los Angeles Rams ($10.43 billion), and New York Giants ($10.25 billion).
One recent example of this trend is the Chicago Bears, whose valuation reached $8.8 billion following a private equity deal. This shift towards private equity investment marks a watershed moment for the NFL, creating new capital channels while preserving owner control.
The NFL has also opened its league to institutional investors, allowing teams to sell minority equity stakes (up to 10%) to approved investors. This move has been instrumental in driving record franchise valuations. However, to comply with NFL rules prioritizing owner control and league governance stability, private equity involvement is limited to minority stakes.
This structure allows original owners to cash out portions of their equity for liquidity without relinquishing control. The increasing league-wide valuations, boosted by media rights deals and global brand expansion, have benefited these owners significantly.
The Dallas Cowboys, for instance, operate a multi-pronged business, including merchandise sales, a real estate empire, and a hospitality company. Their 91-acre, $1.5 billion headquarters and practice facility, The Star, expanded their real estate empire with its mixed-use development. The Cowboys also lead in ticket revenue for the third straight year at $176 million and have a local revenue that is more than twice as much as any other team, with only the Rams being within 50% of their $820 million.
The Cowboys, along with several other teams like the Philadelphia Eagles, Buffalo Bills, San Francisco 49ers, Las Vegas Raiders, Miami Dolphins, Los Angeles Chargers, Detroit Pistons, and Carolina Panthers, have sold minority stakes to private equity firms or individual investors.
Looking ahead, the NFL is considering moving to 18 regular-season games, which could lead to more stadium revenue and TV rights fees. This potential change, along with the league's growing global demand, suggests that the value of NFL franchises will continue to rise, making them even more attractive to private equity investors.
Meanwhile, the average NFL ownership tenure remains at 41 years, with a median of 31 years, indicating a slow turnover of ownership. However, with the increasing financial liquidity and overall market valuations brought about by private equity investment, this trend may be set to change.
[1] Source: Forbes [2] Source: NFL.com [3] Source: SportsPro Media [5] Source: The Wall Street Journal
- Private equity investment has significantly increased in NFL teams, contributing to the growth of team values, with the Dallas Cowboys valued at $12.8 billion, Los Angeles Rams at $10.43 billion, and New York Giants at $10.25 billion. [1] [2]
- As a result of this trend, NFL teams have diversified their businesses, such as the Dallas Cowboys with their merchandise sales, real estate empire, and hospitality company, expanding their ventures beyond American football. [1] [3]
- The NFL has allowed teams to sell up to 10% minority equity stakes to approved investors, a move instrumental in driving record franchise valuations. [1] [2]
- The potential change to the NFL season schedule, moving to 18 regular-season games, could lead to increased stadium revenue and TV rights fees, further boosting the value of NFL franchises. [1] [2]
- Despite the average NFL ownership tenure being 41 years, the increasing financial liquidity and market valuations brought about by private equity investment may lead to a change in the slow turnover of ownership. [1] [2]
