The Sports Franchises That Have Gained The Most Value Since 2000

Key Concepts

• Franchise Valuation: The estimated financial worth of a sports team.
• Revenue Multiples: The ratio of a franchise’s valuation to its revenue, indicating investor confidence and market demand.
• National Media Rights: Revenue generated from television and radio broadcasting deals at the league level.
• League Distributions: Funds allocated to teams from league-wide revenue sources (media rights, sponsorships, etc.).
• Appreciation (Dollar & Percentage): The increase in value, measured both in absolute dollar amount and as a percentage of the original value.

The Explosive Growth of Sports Franchise Values (2000-2025)

This report details the significant increase in value of sports franchises across the four major North American leagues – NFL, NBA, MLB, and NHL – over the past 25 years (2000-2025). The analysis considers both absolute dollar growth and percentage appreciation to identify the teams that have experienced the most substantial gains.

Historical Valuation & Current Landscape

In 2000, the average valuations were: NHL ($148 million), NBA ($27 million), MLB ($233 million), and NFL ($423 million). By 2025, all 124 franchises across these leagues are worth at least $1.05 billion, totaling $536 billion combined. The average franchise valuation now exceeds $2.2 billion, with the NFL leading at $7.1 billion. While inflation plays a role, the majority of this growth represents genuine financial gains.

Top Franchises by Absolute Dollar Growth

When ranked by absolute dollar increase in value, the following franchises lead the way (as of August 2025):

1. Dallas Cowboys: Increased from $713 million to $13 billion (+$12.3 billion)
2. Golden State Warriors: Increased by $10.8 billion
3. Los Angeles Rams: Increased by $10.1 billion
4. New York Giants: Increased by $9.7 billion
5. Los Angeles Lakers: Increased by $9.6 billion

Notably, 18 of the top 25 franchises by dollar growth are NFL teams, with two from MLB and five from the NBA.

Top Franchises by Percentage Appreciation

Ranking by percentage appreciation reveals a different picture:

1. Golden State Warriors: Increased from $168 million to $11 billion (6,448% growth)
2. Los Angeles Clippers: (Percentage not specified, but in top 5)
3. Edmonton Oilers: (Percentage not specified, but in top 5)
4. Toronto Raptors: (Percentage not specified, but in top 5)
5. Milwaukee Bucks: (Percentage not specified, but in top 5)

All top 25 franchises in this ranking experienced appreciation of at least 2,264%. Importantly, even the least appreciated franchise within the big four leagues saw a minimum increase of 285% over the 25-year period.

Drivers of Value Growth: Revenue & Multiples

Forbes values franchises based on multiples of revenue. The primary driver of increased valuation has been the growth in revenue, particularly from national media rights. The NFL’s latest agreements guarantee at least $125.5 billion through 2023, equating to approximately $392 million per team in 2024. This has led to league distributions accounting for an estimated 67% of NFL team revenue ($443 million per team last season), effectively guaranteeing profitability.

The NBA also benefits from substantial national TV and radio deals, generating an estimated $120 million per franchise (29% of average revenue) before the implementation of a new $76 billion, 11-year broadcast package.

Beyond national deals, teams have also increased revenue through local sponsorships and premium seating. Overall revenue across the 118 franchises spanning the full 25-year period increased by 397%. However, this revenue growth only accounts for a small portion of the overall 1,610% average rise in valuations.

The key factor driving the magnitude of valuation increases is the surge in valuation multiples. In 2000, the average franchise valuation was 2.9 times revenue. This multiple has now soared to 10x, with the NBA averaging 12.9x.

Case Studies of Successful Investments

The report highlights successful investments in sports franchises:

• Woody Johnson (New York Jets): Purchased the Jets for $635 million in 2000; the franchise is now valued at $8.1 billion.
• Stan Kroenke (Denver Nuggets & Colorado Avalanche): Acquired the Nuggets, Avalanche, and their arena for approximately $450 million. The two teams alone are now worth nearly $6 billion, and Kroenke’s portfolio has expanded to include the Rams, Arsenal, and the Colorado Rapids.

Logical Connections & Synthesis

The report establishes a clear connection between increased revenue (driven by national media rights and local initiatives) and rising valuation multiples (reflecting increased investor interest). The NFL’s model of guaranteed profitability through league distributions is presented as a particularly effective driver of value. The data demonstrates that investing in sports franchises over the past 25 years has been overwhelmingly successful, with substantial returns for owners. The report concludes that the trend of increasing franchise valuations is likely to continue, driven by the enduring popularity of sports and the growing demand for ownership stakes.

Technical Terms Explained

• Revenue Multiples: A financial metric used to assess the value of a company (in this case, a sports franchise) relative to its revenue. A higher multiple indicates greater investor confidence and potential for future growth.
• League Distributions: The sharing of revenue generated at the league level (e.g., from TV contracts) among the member teams.