NFL Franchise Valuations Ranking List: From Cowboys to Bengals

2024 Assessment: The sum of the enterprise value of an NFL franchise combined with the value of the team’s related businesses and real estate holdings.

Team value: NFL franchise valuation, derived from metrics by which football team transactions occur, including the aggregation of local and national revenues and consideration of a team-specific multiplier. Represents the market value of the team itself, excluding related businesses held by its owners. Includes the value of each franchise’s 3.13% stake in the league’s properties, including NFL Network, NFL RedZone, 32 Equity (the private equity investment vehicle established by the NFL in 2013) and its digital platforms, which are acquired/ dispossessed in conjunction with the sale of a team.

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Team-related businesses and real estate holdings: The value of a franchise owner’s equity in team-related businesses that are separate corporate entities, as well as government-assessed real estate related to the location, practice facilities, and adjacent developments. Examples include Cowboys owner Jerry Jones’ 20% stake in Legends Hospitality, a stadium operations corporation; the Washington Commanders subsidiaries, which own nearly 400 acres divided into 12 lots near the team’s stadium and practice facilities; and the F1 Miami Grand Prix, which Dolphins owner Stephen Ross has a 15-year contract to operate at Hard Rock Stadium.

This category excludes value derived from companies considered too attenuated from the football team’s operations, which fall into three categories:

(1) Leasing of non-football, off-stadium retail operations, such as the Green Bay Packers’ Titletown development or the New England Patriots’ Patriot Place;

(2) Licensing fees paid by non-football third parties to a team’s sister company for the use of intellectual property.

(3) Team owner investment in businesses unrelated to franchise operations. Examples include the Cowboys’ sister company Blue Star Land’s joint ventures with real estate partners.

For franchises that do not own their facilities, the rental value of a team – often with advantageous terms negotiated with municipal or state authorities – is captured in the Team Value category.

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