Dallas Cowboys become first sports franchise to surpass $10 billion valuation

This week, the Dallas Cowboys became the first sports franchise in history to surpass a $10 billion valuation, according to Sportico. The team has long been the most valuable sports franchise in the world, but they became the first to hit over $10 billion this week ahead of the 2024 season. Per Sportico, the franchise is now valued at $10.32 billion.

Last year, Forbes had the Cowboys as the No. 1 most valuable sports franchise with a valuation of $9 billion. The Cowboys have managed to post massive valuations despite not claiming the Lombardi Trophy since 1995.

Happy #NFL Valuations day! Here are the Top 10 Most Valuable NFL Franchises.

Read the full story from @kbadenhausen ➡️ https://t.co/foJRHlUcCb pic.twitter.com/JnzjV0017Z

— Sportico (@Sportico) August 13, 2024

Dallas Cowboys owner and general manager Jerry Jones bought the storied franchise in 1989 for $140 million. Though he could ostensibly make over $10 billion if he chose to sell the franchise, he’s repeatedly said that he’d “never” do it.

The Cowboys have become a family business for the Jones’ with the owner’s family members acting in various roles throughout the organization. The executive VP, CEO and director of player personnel are all roles held by Jones’ eldest son, Stephen. Meanwhile, his daughter, Charlotte, is chief brand officer and his other son, Jerry Jones Jr., is chief sales and marketing officer.

NFL tops sports franchise valuations

The NFL has 14 of the top 25 most valuable teams thanks to the massively profitable broadcasting deals with the world’s top broadcasters. In 2021, each NFL team raked in a total of $198 million from Fox, ESPN, CBS, and NBC. The highest-valued teams now are the Cowboys, Rams, Giants, Patriots, 49ers, Jets, Dolphins, Eagles, Raiders, and Commanders – in that order. The Rams and Giants surpassed the Patriots for the first time in several years as New England enters a post-Brady/Belichick slump.

In terms of overall value, the NFL has 30 of the top 50 most valuable sports franchises, according to Forbes in 2023. The staggering numbers prove how dominant the NFL’s grip on American sports culture has become. Football became the nation’s favorite sport to watch for the first time in 1972 and hasn’t lost steam since.

Of course, the Dallas Cowboys’ outrageously large valuation and the news that they broke the $10 billion mark has invited renewed criticism of the team’s management. Jerry Jones and his front office appear to be locked in a stalemate over several contract extensions with a couple of the team’s biggest stars.

Cowboys’ Jerry Jones walks back ‘sense of urgency’ comments on CeeDee Lamb

Jerry Jones had to clarify his comments this week about CeeDee Lamb after he initially said he didn’t feel a “sense of urgency” to get a contract extension done with the star receiver.

Jones, speaking Sunday ahead of the Cowboys’ preseason opener against the Los Angeles Rams, admitted he “got in trouble a little the other day” for saying a Lamb extension wasn’t urgent. he emphasized that Lamb, who is staging a training camp holdout, is “missed.”

“I think I got in trouble a little the other day when I said look, we’re not urgent about CeeDee,” Jones said, via Jori Epstein of Yahoo Sports. “Well, no one appreciates CeeDee on the field any more than I do. But let me say this: He wouldn’t be taking a snap out here today if he had been here. You’ve gotta use your head when you expose key players. Now, that gives the other younger players a chance to do it. We know exactly what CeeDee can do. He worked out with Dak [Prescott] and so, we wouldn’t have him out here. That’s really not anything to do with his contract.

“Dak won’t be out here this afternoon and so the bottom line is no, there’s not that urgency. I understand completely the angst that’s happening when you are anxious about and someone says anything about whether you’re missed or not. Well, CeeDee: You’re missed. But you’re not missed out here competing and it doesn’t put any pressure any place on us.”

On3’s Nick Geddes contributed to this report.