The Dallas Cowboys are a Financial Powerhouse
Sportico recently released its annual list of the most valuable NFL teams, and unsurprisingly, America’s Team, the Dallas Cowboys, claimed the top spot. With a staggering valuation of $10.32 billion, the Cowboys are not just the most valuable franchise in the NFL but also the most valuable sports franchise in North America.
This incredible feat is a testament to the vision and business acumen of owner Jerry Jones, who purchased the team in 1989 from H.R. “Bum” Bright. Under Jones’ ownership, the Cowboys have risen through the ranks, solidifying their place at the pinnacle of sports franchises worldwide. Despite the team’s underwhelming playoff performances and nearly three decades without a Super Bowl appearance, the Cowboys remain immensely popular.
In 2023, the team generated an estimated $1.2 billion in revenue, a figure 50% higher than the second-ranked Los Angeles Rams. While the Cowboys continue to dominate in value, other teams, like the Tampa Bay Buccaneers, have also made significant strides.
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Cowboys Marketability
The Dallas Cowboys earned the title of “America’s Team” not merely because they were the most talked-about but because they were always on television. Long before they became the team of the 1990s, the Cowboys were the team of the 1970s. During that decade, they appeared in five Super Bowls, winning two.
As a result of the leadership of head coach Tom Landry, who became a legendary figure with his signature fedora hat, and quarterback Roger Staubach, who earned nicknames like “Captain America” and “Captain Comeback” for his clutch performances in high-profile games, the Cowboys were regularly featured on national television. This exposure led NFL Films to bestow upon them the moniker “America’s Team,” a title that has stuck with the franchise ever since.
Keeping Up with the Joneses
When Jerry Jones purchased the Cowboys, he revolutionized how NFL owners operated their franchises. Jones was not just hands-on; he became the team’s general manager and president, making critical decisions that shaped the Cowboys’ brand into what it is today.
One of Jones’ first major moves was to bypass the NFL’s shared revenue agreement, which pooled all endorsement deals and distributed profits equally among teams through its “NFL Properties” arm. Instead, Jones independently signed lucrative deals with brands like Pepsi-Cola, Nike, and American Express, securing exclusive partnerships for the Cowboys.
Even with these groundbreaking endorsements, the Cowboys still rely heavily on their relationship with Molson Coors, the exclusive beer provider at AT&T Stadium.
This 10-year, $200 million deal includes the Miller Lite House, an 87,000-square-foot event space near the stadium’s west end, and grants Molson Coors the rights to advertise the Cowboys throughout the Dallas-Fort Worth area, one of the largest metropolitan regions in the United States.
In addition to these partnerships, the Cowboys operate their merchandising arm and a hospitality management company called Legends, further solidifying their marketability and financial success.
Keeping Up with the Joneses
In 2009, the Cowboys opened AT&T Stadium, the NFL’s first billion-dollar venue, dubbed “Jerry World.” Seating capacity of just over 100,000, the stadium has hosted various significant events, including the College Football Playoff National Championship of 2015, the annual Cotton Bowl, and even the Texas high school football state playoffs.
Beyond sports, AT&T Stadium is a premier venue for music and entertainment, hosting events like the Country Music Awards and WrestleMania. According to the Dallas Morning News, AT&T pays the Cowboys between $17 million and $19 million annually for naming rights, a testament to the stadium’s impact on the franchise’s value.
The Cowboys’ headquarters in Frisco, Texas, known as The Star, is a sprawling 80-plus-acre complex that goes far beyond serving as the team’s practice facility.
It features an Omni hotel, a private country club, a public gym with views of the practice field, and a state-of-the-art sports medicine facility. Built on land owned by Jerry Jones’ Blue Star Land, The Star was funded by Frisco’s tax dollars and Jones’ investments. While the city of Frisco technically owns the building, the Cowboys manage and maintain the property, further enhancing the franchise’s influence and reach in the region.
Riding off into the Sunset
As the Cowboys look to the future, they face contract negotiations with key players like wide receiver CeeDee Lamb, which will be crucial in maintaining their competitive edge. According to DraftKings, the Cowboys have +1900 odds to win the 2025 Super Bowl, reflecting the challenges and opportunities ahead.
The Dallas Cowboys have combined on-field performance with off-field business acumen to become North America’s most valuable sports franchise.
From pioneering endorsement deals to building state-of-the-art facilities, the Cowboys continue to set the standard for NFL teams. As they navigate future challenges, their legacy as America’s Team remains secure, with their influence and popularity showing no signs of waning.
