The most valuable teams in the NFL 2024

The Dallas Cowboys are the first franchise to reach a $10 billion valuation, and all 32 teams are now worth at least $4 billion, with prices expected to continue rising.

_{From Justin TeitelbaumForbes Employee}

The Dallas Cowboys have been the most valuable team in the world's richest sports league for 18 years in a row, but America's Team wasn't the first franchise to be worth $1 billion, $2 billion or even $3 billion. (By Forbes' According to calculations, these milestones were first reached by the then Washington Redskins in 2004, Manchester United in 2012 and Real Madrid in 2013.)

If everything is really bigger in Texas, Dallas owner Jerry Jones can certainly appreciate this: The Cowboys are the first sports team to cross the $10 billion threshold and Forbes' annual list of the NFL's most valuable teams. That figure represents a 77% increase since 2020 – when the Covid-19 pandemic temporarily slowed the growth of NFL teams – and an annualized return of 15%, outperforming the S&P 500's 13% over the same four-year period.

While the Cowboys haven't won a Super Bowl since 1996, they now have a $2.5 billion lead over the NFL's second-most valuable team, the Los Angeles Rams — and a $7 billion lead over the No. 32 Cincinnati Bengals — thanks to Dallas's nearly $800 million in local revenue during the 2023 season, including ticket sales, sponsorships, merchandise and other club-specific revenue. No other pro football team even surpassed $400 million, with the Las Vegas Raiders and Rams coming closest to the mark, and Dallas' $564 million in operating revenue was virtually double the second-place Rams' $286 million.

However, all NFL franchises are on course for success, with revenues of around $380 million per team coming from the league's lucrative new national media rights package that went into effect last season. The agreements – with CBS, ESPN/ABC, Fox, NBC and YouTube, as well as Amazon's Football on Thursday evening The deal, which began a year ago, is expected to result in an agreement of at least $125.5 billion by 2033.

With that kind of guaranteed money, all 32 NFL teams are now worth at least $4 billion, an average of $5.7 billion, 11% more than the record $5.1 billion in 2023. And every team is profitable, with an operating income of at least $56 million for the 2023 season, according to Forbes Estimates. (In contrast, Major League Baseball, Major League Soccer and the NBA each had at least three teams lose money last season. Forbes Data.) These economic factors help explain why NFL valuations are within a relatively narrow range, with the Cowboys worth 2.5 times as much as the last-place Bengals – smaller than the range in Forbes' latest lists for MLB (7.6x), MLS (3x), NBA (3.2x) and NHL (5.6x).

The future of the NFL's “Sunday Ticket” package, which moved from DirecTV to YouTube last season, is somewhat uncertain amid an antitrust dispute in which the presiding federal judge recently overturned the $4.7 billion jury verdict against the league. (Plaintiffs are expected to appeal.) But after the Washington Commanders were sold last year for a record $6.05 billion (including a $200 million earn-out agreement), there are tailwinds that could push team prices even higher.

First, Netflix will stream two games on Christmas Day this season and at least one each in 2025 and 2026, adding another competitor to the media bidding war. The NFL is also growing internationally, with five games being played overseas in 2024 and flag football making its Olympic debut in Los Angeles in 2028. Meanwhile, NFL Commissioner Roger Goodell continues to push for an 18-game regular season after the players' union reluctantly agreed to a 17th game starting in 2021. In addition, the widespread legalization of sports betting is opening up new opportunities. In addition, several teams in the league are pursuing new stadiums, which typically increase revenue.

More immediately, the NFL, which has always required individuals to own teams, could see an influx of private equity money after a special meeting on Tuesday voted to allow select funds to own up to 10% of a franchise's equity. That investment level is well below what MLB (15%), MLS (20%), NBA (20%) and NHL (20%) reportedly allow a fund to own, so the impact could be more muted. But the idea is that institutional investors can expand the ranks of potential bidders for teams, a pool that would otherwise shrink as prices continue to rise.

Likewise, in October, the NFL increased its debt cap for teams from $600 million to $700 million and for team buyers from $1.1 billion to $1.2 billion. That should make it easier for a future NFL owner to cover the 30 percent equity in a team that the league requires of a franchise's general partner.

The Cowboys may be the first team to reach the $10 billion mark, but they certainly won't be the last.

#1. $10.1 billion

One-year change: 12% | Operating result: 564 million US dollars | Owner: Jerry Jones

#2. $7.6 billion

One-year change: 10% | Operating result: 286 million US dollars | Owner: E. Stanley Kroenke

#3. $7.4 billion

One-year change: 6% | Operating result: 261 million US dollars | Owner: Robert Kraft

#4. 7.3 billion dollars

One-year change: 7% | Operating result: 190 million US dollars | Owner: John Mara, Steven Table

#5. 6.9 billion dollars

One-year change: 13% | Operating result: 138 million US dollars | Owner: Johnson family

#6. 6.8 billion dollars

One-year change: 13% | Operating result: 144 million US dollars | Owner: York Family

#7. 6.7 billion dollars

One-year change: 8% | Operating result: 115 million US dollars | Owner: Mark Davis

#8. 6.6 billion dollars

One-year change: 14% | Operating result: 158 million US dollars | Owner: Jeffrey Lurie

#9. 6.4 billion dollars

One-year change: 2% | Operating result: 138 million US dollars | Owner: McCaskey family

#10. 6.3 billion dollars

One-year change: 4% | Operating result: 160 million US dollars | Owner: Josh Harris