Surprising no one, the Dallas Cowboys have been named the most valuable team in the NFL for the 10th straight year. And it has been only a couple of months since Forbes also declared the Boys the most valuable team in the world.
The Cowboys are worth $4.2 billion (up 5 percent), with $700 million in revenue. The New England Patriots are a very distant second, valued at $3.4 billion and $523 million in revenue.
According to Forbes, relocation and new stadiums drove NFL team values 19 percent higher over the past year, to an average of $2.34 billion. Says author Mike Ozanian:
But because business acumen counts for more than bricks and mortar, none of the moving or building is going to unseat the Dallas Cowboys as the league’s most valuable team. In 2015, the Cowboys set a U.S. sports team record for both revenue ($700 million) and operating income ($300 million). Jerry Jones has begun marching towards another financial score with his new $1.5 billion headquarters and practice facility. My early take is there will eventually be tens of millions of dollars of sponsorship money flowing to the Cowboys from the new project. The Cowboys already have deals with the likes of Ford Motor (I have to admit, it amuses me that the family that runs the automaker and also owns the Detroit Lions is paying Jones), Nike and Dr. Pepper.
Team values are enterprise values (equity plus net debt) based on the multiples of revenue of historical transactions, as well as current offers to buy and invest in teams. The values are adjusted for teams moving into new stadiums.
Revenue and operating income are for the 2015 season (earnings before interest, taxes, depreciation, and amortization), net of revenue sharing, and stadium debt service. Revenue from non-NFL events, e.g., concerts and stadium tours, is included when the revenue is pocketed by team owners or an entity they control.
Rounding out the top five are the New York Giants ($3.1 billion), San Francisco 49ers ($3.0 billion), and Washington Redskins ($2.95 billion). The Houston Texans rank No. 9 ($2.6 billion).