Dallas Cowboys Set Historic Record as First $10 Billion Sports Franchise

Author’s Note: This article was written by David Skilling. Find more information about the writer here.

The Dallas Cowboys have made history by becoming the first professional sports team to surpass a valuation of $10 billion, according to Sportico’s 2024 NFL rankings released on Tuesday.

The Cowboys, under the ownership of Jerry Jones, are now valued at $10.32 billion, solidifying their position as the NFL’s most valuable franchise. This marks a significant increase from their previous valuation of $9.2 billion in February.

Jerry Jones, who is 81 years old, acquired the Cowboys in 1989 for an estimated $140 million (around $355 million in today’s dollars). Since then, he has transformed the team into a financial giant. Serving also as the team’s general manager, Jones led the Cowboys to notable success in the early 1990s, capturing Super Bowl titles in 1992, 1993, and 1995.

Despite these early triumphs, the Cowboys have struggled to replicate their championship form, with only five playoff victories in the 28 years since their last Super Bowl win. Most recently, they suffered a disappointing loss in the 2023 Wild Card round to the Green Bay Packers, even though they were the NFC’s second seed and had MVP runner-up Dak Prescott leading the team.

While Jones’ football decisions haven’t always been popular among fans, his leadership has propelled the Cowboys to unparalleled financial success. In 2023, the team generated an estimated revenue of $1.2 billion, which is 50% more than the second-highest-earning team, the Los Angeles Rams.

The Rams, now valued at $7.79 billion, have moved up to second place, surpassing the New York Giants. However, they still trail significantly behind the Cowboys. The New England Patriots hold the fourth spot at $7.31 billion, despite on-field challenges and the departure of longtime coach Bill Belichick. The San Francisco 49ers round out the top five with a valuation of $6.86 billion.

Among the biggest movers in this year’s rankings are the Tampa Bay Buccaneers, who have jumped 12 spots to 16th place, with a valuation of $5.5 billion—a 33% increase. Conversely, the Los Angeles Chargers experienced the biggest drop, falling four spots to 22nd.

Sportico’s analysis reveals that the average NFL team is now worth $5.93 billion, reflecting a 15.4% increase from last year. This reinforces the NFL’s status as the world’s most financially dominant sports league.

At the bottom of the list, the Cincinnati Bengals are valued at $4.71 billion, making them the league’s least valuable franchise. Despite this, only 15 non-NFL teams in Sportico’s February rankings of the top 100 most valuable sports teams surpass the Bengals’ valuation.

Thanks for reading, David Skilling.