{"id":855491,"date":"2026-08-12T15:32:11","date_gmt":"2026-08-12T15:32:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/855491\/"},"modified":"2026-08-12T15:32:11","modified_gmt":"2026-08-12T15:32:11","slug":"nfl-franchise-valuations-2026-cowboys-lead-at-15b-average-up-31","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/855491\/","title":{"rendered":"NFL Franchise Valuations 2026: Cowboys Lead at $15B, Average Up 31%"},"content":{"rendered":"

\n\tThe Cincinnati Bengals<\/a> have been parked at No. 32 for seven straight years in Sportico\u2019s annual NFL<\/a> team valuations. The small-market club plays in an older stadium, ranks near the bottom on local revenue and lacks a national brand from its Super Bowl trophy-less history.<\/p>\n

\n\tYet there are only six sports franchises on the planet outside the NFL that are worth more than the Bengals. The list includes three from the NBA, two in MLB and LaLiga\u2019s Real Madrid. The NFL\u2019s least valuable team is worth $7.4 billion, by Sportico\u2019s count, and all 32 teams land among the world\u2019s 40 most valuable sports franchises<\/a>.<\/p>\n

\n\tThe NFL flexed its financial might over the past 12 months with a record-breaking control sale price<\/a> in Seattle and sky-high valuations of limited partnership stakes in Cleveland, Las Vegas and Miami.<\/p>\n

\n\tThe average team value rose 31% to $9.34 billion, based on conversations with more than 40 people involved in the league, including team owners, executives, investors, consultants and bankers. It marks the biggest year-over-year value gain for the NFL since\u00a0Sportico\u2019s valuations launched in 2020. The average value has increased 141% over the past five years.<\/p>\n

\n\tThe Dallas Cowboys<\/a> lead the way for the seventh straight year at $15.5 billion, up 21% from 2025. The Los Angeles Rams ($12.7 billion), New York Giants ($12 billion), New England Patriots ($10.4 billion) and New York Jets ($10.35 billion) round out the top five.<\/p>\n

\n\tThe 32 teams are collectively worth $299 billion, including real estate and related businesses, such as the Cowboys\u2019 sports components of The Star mixed-use development in Frisco, Texas.<\/p>\n

\n\tSportico\u2019s estimated enterprise values are for control-sale transactions where a new owner takes over. Click for a\u00a0ranking<\/a>\u00a0of all 32 teams and methodology, and for our\u00a0complete database<\/a>\u00a0comparing all sports franchises.<\/p>\n<\/p>\n

\t\tTeam sales\t<\/p>\n

\n\tLast month, tech billionaire Vinod Khosla<\/a> and his family reached an agreement to buy the Seattle Seahawks for an enterprise value of $9.612 billion, with the $12 million top-off a likely nod to Seattle\u2019s loud fanbase known as the 12s. The price was a tick lower than the $10 billion valuation for Mark Walter\u2019s deal to take control of the Los Angeles Lakers last year.<\/p>\n

\n\tThe Seahawks are just the fourth NFL team sold since 2015, after the Washington Commanders (2023), Denver Broncos (2022) and Carolina Panthers (2018). Twelve NBA teams have changed hands during the same period. NFL owners will vote on the Seahawks deal at the end of August.<\/p>\n

\n\tThe Seahawks\u2019 sale was inevitable after owner Paul Allen died in 2018\u2014the Microsoft co-founder bought the team for roughly $200 million in 1997. No other teams are on the market, and barring an actuarial event or change of heart, few people expect any NFL owners to sell control of their franchise in the near term.<\/p>\n

\n\tScarcity is a major driver that pushes sports team values higher. The average NFL ownership tenure is 42 years\u2014with a median of 32 years. And while the NBA, NHL and MLB are in various stages of expansion, the NFL has no plans to add a team.<\/p>\n

\n\t\u201cThere are only 32 of them, and they\u2019re not making any more,\u201d Marc Ganis, a consultant to multiple NFL teams, said in a phone interview.\u00a0\u201cYet, the number of people and families who have generated tremendous wealth to be able to buy a team keeps increasing.\u201d<\/p>\n

\n\tIn May, the NFL approved<\/a> Arctos Partners\u2019 third investment in the league. The deal was for about 3% of the Cleveland Browns at a $9 billion valuation. It is the first tranche, with Arctos ultimately expected to buy 10% of the club, with the second and third payments at higher valuations. The funds will be used for the Browns\u2019 new $2.6 billion stadium project.<\/p>\n

\n\tArctos is the only private equity firm to invest in multiple NFL teams since the league approved institutional ownership in 2024. Its other investments include a 10% stake in the Buffalo Bills and an 8% stake in the Los Angeles Chargers.<\/p>\n

\n\tIn October, NFL owners approved LP stake sales<\/a> in the Giants, Patriots and San Francisco 49ers that valued the clubs at a combined $29 billion. The Miami Dolphins sold a 1% stake at a $12.5 billion valuation<\/a>, which included the economics of F1\u2019s Miami Grand Prix and tennis\u2019 Miami Open. The Las Vegas Raiders have also sold multiple stakes this year at valuations of $10 billion and above.<\/p>\n

\n\tThe Seahawks deal reflects the expanding revenue multiples that investors are willing to pay for entry into the world\u2019s richest sports league. David Tepper paid about six times revenue for the Panthers in 2018, while the Broncos fetched nine times four years later from the Walton and Penner families.<\/p>\n

\n\tJosh Harris\u2019 group raised the bar to 11 times for the Commanders in 2023. Khosla is paying 13.6 times Seattle\u2019s 2025 revenue of just over $700 million, according to multiple people who viewed the sales deck from Allen & Company, which facilitated the sale for the Allen estate.<\/p>\n

\n\tThe average NFL revenue multiple is now 12.7, up more than two turns from 10.3 in 2025. It is a tick behind the WNBA (13.6) and NBA (13.5) ahead of their new TV deals kicking in.<\/p>\n<\/p>\n

\t\tLeague economics\t<\/p>\n

\n\tThe 32 NFL teams generated an estimated $23.5 billion last year, including profits at non-NFL events at stadiums where teams control or own the buildings. The figure was a 5.9% increase versus 2024. National revenue, largely driven by the NFL\u2019s $125 billion in media deals, rose 5% to more than $450 million per club. The league check represented 62% of team revenues last year.<\/p>\n

\n\tThe Cowboys are in a league of their own with $1.3 billion in revenue\u2014Real Madrid is the only sports franchise to post more. America\u2019s Team owns the NFC\u2019s longest active drought without a conference championship game appearance, but its local revenue is still nearly 70% higher than the Rams in second. Dallas\u2019 estimated $510 million in earnings before interest, taxes, depreciation and amortization is twice the Rams\u2019 runner-up total and nearly 4x the league average EBITDA of $139 million. Real Madrid had $279 million in EBITDA before player trading.<\/p>\n

\n\tThe Cowboys are the only team that operates outside of the league\u2019s shared merchandise system. It is a business that generates nearly $200 million in annual revenue. Dallas has re-upped several of its biggest sponsors over the past year, and the club\u2019s $300 million in annual sponsorship revenue is nearly twice that of any other team.<\/p>\n

\n\tDallas is also among the top clubs for generating revenue outside of NFL events, alongside the Rams, Dolphins, Raiders and Atlanta Falcons. Top teams generate more than $100 million in gross revenue, and profits run into the tens of millions of dollars from concerts and other events, money that\u2019s captured in Sportico\u2018s revenue reporting.<\/p>\n

\n\tThe Rams\u2019 SoFi Stadium set a live concert record in 2025, boasting 33 non-NFL events including five nights of Beyonce, plus Kendrick Lamar, Shakira, The Weeknd and Chris Stapleton. Falcons executives say their kitchens at Mercedes-Benz Stadium were closed only eight days in 2025, thanks to the plethora of events, big and small. The Dolphins hosted a deep roster of concerts at Hard Rock Stadium, plus University of Miami football, which has a revenue-sharing deal with the NFL club and made the College Football Playoff National Championship at its home stadium in January.<\/p>\n

\n\tEleven NFL stadiums hosted World Cup games in the U.S. this summer. FIFA captured nearly all the economics from the games, although teams found ways to make some money via tickets, admissions fees, premium seating and other avenues.<\/p>\n

\n\tThe average NFL EBITDA dipped slightly last year to $139 million, fueled by cash payrolls rising faster than the salary cap. Buffalo, Green Bay and Minnesota all spent more than $325 million on their cash payroll, plus another $70 million-plus in player benefits. Player spending smooths out over time under the NFL\u2019s cap system, but the one-year payroll jumps lead to smaller-than-normal profits for those teams.<\/p>\n<\/p>\n

\n\tThe NFL has shared its concerns with teams about outsized cash-to-cap spending, according to multiple sources. The worry is that it creates a situation where a team is less competitive because it does not have the deep pockets to afford a big increase in cash payroll.<\/p>\n

\n\tTeams vary on how they account for player costs on their income statements, using cash, cap or GAAP to capture the biggest team expense item. The Packers reported a small $1.1 million loss<\/a> for the 2025 season, but that included non-cash charges tied to dead money via player transactions and depreciation and amortization. Sportico estimates the Packers made $69 million on a cash basis.<\/p>\n

\t\tWhat\u2019s next\t<\/p>\n

\n\tNFL revenue is projected to increase mid-single digits in 2026. On the local side, it will get a boost from the Bills\u2019 new $2.2 billion stadium that opened last weekend to lukewarm reviews<\/a>. More new stadiums are coming online soon that will also drive local revenue in Tennessee (2027), Cleveland (2029), Washington, D.C. (2030) and Kansas City (2031).<\/p>\n

\n\tThe Commanders\u2019 $3.8 billion stadium project will return Washington to the very top tier of the league\u2019s financial table. The club was the last NFL team to rank ahead of the Cowboys for revenue and team value, before the franchise\u2019s free-fall under former owner Dan Snyder.<\/p>\n

\n\tThe Jacksonville Jaguars and Panthers are also undergoing $1 billion-plus renovations to their stadiums, while Chicago and Denver are exploring new stadium options. The Panthers\u2019 $1.3 billion renovation will include a 4,400-seat music venue outside of Bank of America Stadium.<\/p>\n

\n\tBeyond new stadiums, the NFL\u2019s march to $30 billion in revenue will be fueled by a couple of macro elements tied to media. Paramount Skydance\u2019s 2025 acquisition of Paramount triggered a contractual change-of-control clause that gave the NFL an opportunity to redo its CBS deal, ahead of the league\u2019s 2029 opt-outs in its media pacts. Discussions took place in the spring, but Paramount\u2019s antitrust suit-related delay<\/a> of its $110 billion acquisition of Warner Bros. Discovery likely puts those talks on hold.<\/p>\n

\n\tFox has no plans to redo its NFL deal in the near term. \u201cWe\u2019ve had recent, thorough and productive discussions with the league, and as a result we will not be making any amendments to our existing contractual relationship, which extends through the completion of the 2029 season,\u201d Fox CEO\u00a0Lachlan Murdoch\u00a0said during the company\u2019s earnings call this month. <\/p>\n

\n\tThe NFL is going to get its pound of flesh from broadcasters and streamers. Waiting until the official opt-out might be an advantage, as it should offer more clarity on adding an 18th game to the schedule if the league and union can agree on the change. Another regular-season contest should unlock an additional package of international games, with every team playing one game a year outside the U.S. The NFL will need to thread the needle on extracting as much cash as possible from its longtime broadcast partners, but not to the point that it financially cripples these legacy media brands.<\/p>\n

\t\t\t\t\t\t\"\"<\/p>\n

\n\tThe rising price of NFL franchises is pricing out many investors, as the league requires a lead owner to buy 30% of a team and allows for only $1.5 billion in debt during a sale. League rules also do not allow ownership by sovereign wealth funds, corporations, or pension funds, and do not permit debt on LP interests. PE firms are also restricted to 10%, and only a handful of them are approved.<\/p>\n

\n\t\u201cThese are all self-imposed governors on sale prices,\u201d Ganis said. \u201cThe league can adjust at any given time, which would increase team valuations.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The Cincinnati Bengals have been parked at No. 32 for seven straight years in Sportico\u2019s annual NFL team…\n","protected":false},"author":2,"featured_media":855492,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[436],"tags":[49,48,1740,1721,122548,514,59485,24178,82],"class_list":["post-855491","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nfl","tag-ca","tag-canada","tag-cincinnati-bengals","tag-dallas-cowboys","tag-data-viz","tag-nfl","tag-nfl-valuations","tag-roger-goodell","tag-sports"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/855491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=855491"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/855491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/855492"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=855491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=855491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=855491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}