The average NFL team is now worth $10.36 billion, 35% more than a year ago. The surge in valuation was driven by the Khosla family’s purchase of the Seattle Seahawks from the Paul G. Allen estate for $9.61 billion, which closed Sept. 3. The NFL-record amount paid for the Seahawks was 59% more than the sale price of the Washington Commanders three years ago . Based on team revenue of $677 million, the Seahawks sale price carries an enterprise value-to-revenue ratio of over 14, a record high for a control stake in an NFL team, according to people familiar with the Seahawks sale. The people asked not to be named because the deal is private. Moreover, the sale of the Seahawks consisted of over $8 billion of equity, the most equity deployed for the purchase of any sports team at one time, according to a person with knowledge of the deal who asked not to be named because the matter is private. The record amount of equity in the sale debunks the notion that NFL rules might put a lid on how much a franchise could fetch. The league has a $1.5 billion debt limit for the acquisition of a team, and it requires that the controlling owner of a team own at least 30% of its equity. As the person familiar with the bidding process for the Seahawks told CNBC, “NFL teams have become one of the most sought-after assets among multigenerational wealthy families from around the world.” “In the case of the Seahawks, there were three highly qualified, very motivated potential owners. The fact is that the single biggest factor in any of these auctions is the level of competition among bidders, and competitive bidding was the most crucial factor” in the Seahawks sale price, the person said. The NFL now boasts five teams worth more than $12 billion, according to CNBC’s Official NFL Team Valuations 2026. The Dallas Cowboys, valued at $16 billion, top the list, followed by the Los Angeles Rams at $14.5 billion, Las Vegas Raiders at $13 billion, New York Giants at $12.5 billion, and New England Patriots at $12.25 billion. The NFL is the biggest and most profitable sports league in the world, with per-team average revenue of $723 million and average earnings before interest, taxes, depreciation and amortization of $133 million. And the league is growing. The NFL’s national revenue — money from media and digital rights, sponsorships, royalties and licensing deals shared equally by the league’s 32 teams — is expected to increase to about $480 million per team this season, a 6% increase from 2025, according to a person familiar with league finances, who asked not to be named because the matter is private. In addition, according to team reports, over the next few years about a third of the league’s franchises, including the Chicago Bears , Cincinnati Bengals , Buffalo Bills , Cleveland Browns , Kansas City Chiefs , Washington Commanders , Jacksonville Jaguars , Carolina Panthers , Baltimore Ravens and Tennessee Titans will be kicking off in new or renovated stadiums. Teams with new digs can expect to get more money from premium seating, sponsorships, hospitality and non-NFL events. Methodology CNBC’s Official NFL Team Valuations are current enterprise values — equity plus net debt — calculated using revenue multiples based on historical transaction prices, and include the economics of the team’s stadium, including non-NFL revenue that accrues to the team’s owner. Our valuations were compiled as of Aug. 7, 2026. The valuations exclude the value of the stadium real estate and other businesses owned by the teams. For example, the value of the New England Patriots excludes Patriot Place , the shopping, dining and entertainment area next to the team’s stadium. Values are adjusted for teams whose stadium economics are expected to improve soon, such as the Jacksonville Jaguars, who are transforming their stadium in an extensive phased renovation to be completed by 2028. Revenue and EBITDA figures are for the 2025 season and are on a cash basis rather than an accrual basis. Debt figures are the latest available and include both team debt and stadium debt. Sources for CNBC’s Official NFL Team Valuations include team owners, investors and executives; sports bankers and league consultants; public documents such as stadium lease agreements, stadium authority budgets and audits, and credit rating reports; and sponsorship and broadcasting industry executives. Figures that could not be confirmed with sources are CNBC estimates. Some figures used in the calculation of values may be approximate. — CNBC’s Hector Fadraga and Jungwoo Ethan Kim contributed to this report.
