The Official 2025 NFL Team Valuations

Key Concepts

• NFL Team Valuations (2025)
• Revenue and Operating Income of NFL Teams
• Factors Driving NFL Team Value (Media Deals, International Growth)
• Stake Sales and Valuation Multiples
• Comparison to Other Sports Leagues (NBA, MLB, NHL)
• NFL's Global Markets Program

NFL Team Valuations: 2025 Forbes Ranking

• Dallas Cowboys: Valued at $13 billion, a 29% increase from 2024 and double the valuation from 4 years prior. They are the most valuable NFL team for the 19th consecutive year.
• Los Angeles Rams: Valued at $10.5 billion.
• New York Giants: Valued at $10.1 billion.
• All 32 NFL teams: Worth at least $5 billion, with the Cincinnati Bengals setting the floor at $5.25 billion. This surpasses all 32 NHL clubs and all but seven franchises across the NBA and MLB.
• Average Team Value: $7.1 billion, a 25% increase over 2024 and a 104% jump from 2021.

Revenue and Operating Income

• League-wide Revenue: Estimated at $21.2 billion during the 2024 season, a 74% increase over the past 4 years.
• Dallas Cowboys Revenue: Estimated $1.2 billion in 2024, leading every other NFL team by at least $400 million.
• Dallas Cowboys Local Revenue: Nearly $800 million in purely local revenue after removing national media, sponsorship, merchandise, and pooled ticket revenue. This is more than the total revenue of every other team except the Las Vegas Raiders.
• Dallas Cowboys Operating Income: $629 million last season, exceeding the revenue of 16 other teams.
• Average Operating Income (All Teams): $127 million, with no team falling below $21 million.

Stake Sales and Valuation Multiples

• Miami Dolphins: Steven Ross sold a 13% stake in his holding company (including Hard Rock Stadium and Formula 1's Miami Grand Prix) at an $8.1 billion valuation in December.
• Buffalo Bills: 20.6% of the team was sold for $5.8 billion in December.
• Philadelphia Eagles: 8% stake sold at an $8.3 billion valuation.
• San Francisco 49ers: 6.2% stake sold at an $8.6 billion valuation in May.
• Chicago Bears: Agreement to sell a roughly 2% stake at an $8.8 billion valuation.

Factors Driving NFL Team Value

• National Media Deals: $125.5 billion in revenue locked in over the next decade (starting in 2022 and 2023). The league can opt out of most agreements in 2029 to secure even better rates.
• Comparison to NBA Media Deal: The NBA negotiated an 11-year, $76 billion package with Amazon, ESPN, and NBC.
• International Growth: The NFL has significant room to grow internationally, where broadcast rights are currently negligible. Teams have recently started investing resources as part of the league's global markets program.

Notable Quotes and Statements

• "Investors are more desperate than ever to join the sports franchise dog pile."
• Regarding the Dallas Cowboys: "Dallas made more in profit than 16 teams logged in revenue."
• "One clear perk of NFL ownership is that it has become nearly impossible to lose money in the league."

Conclusion

NFL teams are more valuable than ever, driven by lucrative media deals, strong revenue streams, and increasing international growth potential. The Dallas Cowboys remain the most valuable team by a significant margin, showcasing exceptional revenue and operating income. Stake sales at high valuations indicate strong investor interest in NFL franchises, making ownership a highly profitable venture. The league's financial stability and growth prospects suggest continued appreciation in team values.