The Dallas Cowboys continue their reign as the world’s most valuable sports franchise, smashing through the $10 billion barrier to reach a staggering $10.1 billion valuation, significantly outpacing their nearest competitor. This marks the ninth consecutive year the Cowboys have held the top spot. However, the landscape of the top 50 most valuable teams is experiencing a seismic shift, with NBA franchises making significant gains and doubling their representation compared to the previous year. The Golden State Warriors lead the NBA charge, securing the second spot overall with an $8.8 billion valuation, highlighting the league’s burgeoning financial power.
This surge in NBA valuations isn’t solely attributable to Forbes’ adjusted listing timeline. A closer look reveals substantial growth in the NBA’s financial standing. The average value of an NBA franchise has reached $4.4 billion, a 15% year-over-year increase and an astounding 596% surge over the past decade, translating to a remarkable 21% compound annual return. This unprecedented growth dwarfs the appreciation experienced by any other sport represented in the top 50, signaling a potential paradigm shift in the hierarchy of professional sports valuations.
The NBA’s ascent to the top echelons of sports finance has come at the expense of other leagues. Major League Baseball has seen two of its franchises, the Chicago Cubs and the San Francisco Giants, drop out of the top 50. Formula 1 has lost both Ferrari and Mercedes, while the NFL is now missing the Buffalo Bills. Interestingly, a tie for the 50th spot between the Arizona Cardinals (NFL) and the Phoenix Suns (NBA) means that six new teams have entered the rankings while only five have departed. Despite these shifts, the NFL maintains its dominance with a commanding 29 franchises—representing 58%—within the top 50. Soccer, while still maintaining a presence with six teams, has seen its representation dwindle from a decade ago when it boasted eight teams, including the top three spots. Real Madrid leads the soccer contingent, tied for 12th overall with a $6.6 billion valuation.
Although European soccer clubs enjoy unmatched global reach, the commercial might of American professional sports, fueled by lucrative media deals, remains paramount. The NBA’s new national TV agreement, starting next season, is worth a reported $76 billion over 11 years, providing each team with an average annual payout of $230 million. The NFL enjoys even greater financial clout, with each team receiving an average of $380 million annually through its national media rights deal, which is valued at a minimum of $125.5 billion through 2033. These astronomical figures underscore the financial power of American leagues compared to their international counterparts. For instance, Atlético Madrid, a prominent La Liga club (though not in the global top 50), generated $382 million in total revenue last season, equivalent to the annual media rights payout of a single NBA team.
The dominance of American sports franchises is further highlighted by comparing Manchester City, a powerhouse in European soccer, with the Los Angeles Chargers. Despite Manchester City’s string of titles, including four consecutive Premier League championships and the coveted 2023 Champions League trophy, its $5.1 billion valuation ties it with the Chargers at 31st overall. This comparison underscores the Chargers’ financial standing within the lucrative Los Angeles market, where they are ranked fifth behind the Rams, Lakers, Clippers, and Dodgers. The combined value of the top 50 teams is nearly $289 billion, averaging approximately $5.8 billion per team, a 13% increase from the previous year. Significantly, the entry point for the top 50 has also risen by 16% to a record $4.3 billion, demonstrating the overall growth in franchise values. Remarkably, the lowest-ranked team this year would have claimed the top spot just seven years ago, when the Cowboys held a $4.2 billion valuation, further illustrating the explosive growth in franchise values.
The Forbes valuation methodology emphasizes enterprise value, which encompasses equity plus net debt, and includes stadium economics but excludes the value of the stadium real estate itself. Similarly, regional sports network rights fees owned by the teams are included, but not the value of the RSNs themselves. Equity holdings in other sports-related assets and mixed-use real estate projects are also excluded. This methodology allows for a consistent and comparable valuation of the franchises themselves, focusing on their core business operations and revenue streams. The rankings reveal a dynamic and evolving landscape in the world of sports finance, with the NBA making substantial gains while the NFL maintains its position of strength. American sports franchises, fueled by powerful media deals, continue to dominate the global rankings, showcasing the immense economic power of professional sports in the United States.
