The Nationwide Soccer League continues to widen its lead as probably the most precious and worthwhile sports activities league on this planet, with the typical franchise now value $7.65 billion, in line with CNBC’s Official NFL Crew Valuations 2025. That determine marks an 18% soar from final 12 months.
Eleven NFL groups are actually valued at $8 billion or extra, up from simply two a 12 months in the past, in line with CNBC’s calculations. Massive-market groups with profitable stadium revenues prime CNBC’s listing.
The Dallas Cowboys, value $12.5 billion, retained their spot because the league’s most precious workforce, in line with CNBC’s calculations. The Cowboys additionally posted the best income within the NFL at $1.27 billion. In 2024, the Cowboys generated about $300 million in sponsorship income, by far probably the most within the NFL, in line with an individual conversant in the matter, who requested to not be named as a result of they weren’t approved to talk publicly.
The Los Angeles Rams, valued at $10.7 billion, are the second-most-valuable workforce, in line with CNBC’s calculations. The workforce raked in practically $250 million in sponsorship income in 2024, behind solely the Cowboys, in line with one other particular person conversant in the matter, who requested to not be named as a result of they weren’t approved to talk publicly.
Common workforce income throughout the 2024 season reached $687 million, up 7.3% from the earlier 12 months, in line with CNBC’s calculations. That enhance was fueled largely by nationwide income — tv, licensing and sponsorship proceeds shared equally among the many 32 franchises — which rose to a median of $433 million per workforce from $403 million the earlier season, in line with league executives.
Common earnings earlier than curiosity, taxes, depreciation and amortization, or EBITDA, climbed 7.9% in 2024 to $137 million, in line with CNBC’s calculations.
The NFL’s monetary power is underpinned by its recognition and the worth of its content material. NFL video games accounted for 72 of the 100 most-watched U.S. telecasts in 2024, in line with Nielsen. Media rights offers now generate a median of $12.4 billion yearly, in line with an individual conversant in the contracts, who requested to stay unnamed as a result of they weren’t approved to talk publicly.
The worth of the league’s content material extends past rights charges. Early final month, Walt Disney’s ESPN and the NFL agreed to a deal during which Disney would purchase the NFL Community, NFL Fantasy and the distribution rights to NFL RedZone in trade for a ten% fairness stake in ESPN. Analysts and insiders estimate the NFL’s stake in ESPN might be value between $2 billion and $3 billion. The deal can also be anticipated to considerably increase EBITDA as a result of it is going to shift a whole lot of manufacturing prices from the NFL to ESPN, in line with league executives.
The NFL additionally holds a small possession stake in Paramount Skydance via a three way partnership between Skydance Sports activities and the league.
Crew homeowners have been capitalizing on the league’s recognition and monetary power by promoting stakes to restricted companions. Whereas there have been solely three investments by non-public fairness companies in NFL groups for the reason that league allowed such offers a 12 months in the past, the rule change has had a profound impact on sale costs, as a result of non-public fairness companies — which have lined up in entrance of practically each NFL workforce, in line with sports activities bankers — have set a ground on valuations and erased issues over liquidity.
Arctos Companions bought stakes within the Buffalo Payments and Los Angeles Chargers, whereas Ares Administration acquired a minority stake within the Miami Dolphins. Traditionally, traders would count on a 20% to 25% low cost on valuation in the event that they have been trying to purchase a small stake that might give them no say in how the workforce is run or provide a path to manage. However that cheaper funding has largely been eviscerated, in line with a cadre of sports activities bankers CNBC interviewed. The bankers spoke on the situation of anonymity as a result of they labored on lots of the transactions that passed off.
NFL workforce possession tends to be rather more multigenerational than that of different leagues. There may be super demand to be a part of NFL workforce possession and, relative to different leagues, only a few gross sales or transfers of possession stakes give a purchaser controlling curiosity in a workforce.
The NFL’s possession guidelines require the particular person with a controlling curiosity to personal not less than 30% of the workforce and have a most of $1.5 billion of debt on the workforce and stadium. The sports activities bankers advised CNBC that people who find themselves rich however do not have the tremendous wealth to purchase a controlling stake are prepared to buy a small minority stake at an quantity that might purchase a controlling curiosity in one other league.
The Chicago Bears noticed the largest one-year soar in valuation this 12 months, up 39.1% to $8.9 billion. A deal pending NFL approval would have the present homeowners of the workforce, the McCaskey and Ryan households, buy a 2.3% stake owned by the property of Andrew McKenna Sr. at an NFL document $8.9 billion valuation, in line with an individual conversant in the matter, who requested to not be named as a result of they weren’t approved to talk publicly.
Earlier than the Bears deal, the earlier record-high worth paid for a minority stake in an NFL workforce was about $8.6 billion, for a 6.2% piece of the San Francisco 49ers in Could. The 49ers had topped an $8.3 billion valuation for an 8% stake within the Philadelphia Eagles on the finish of 2024. The New York Giants are presently trying to promote a ten% stake at a couple of $10 billion valuation.
At such wealthy valuations and with non-public fairness companies longing for a chunk of the motion, extra minority stake gross sales are anticipated over the approaching months.
Methodology
CNBC’s Official NFL Crew Valuations are present enterprise values — fairness plus internet debt — calculated utilizing income multiples and embody the economics of the workforce’s stadium, together with non-NFL income that accrues to the workforce’s proprietor.
The valuations exclude the worth of the stadium actual property and different companies owned by the workforce. For instance, the worth of the Dallas Cowboys excludes The Star, the workforce’s 91-acre headquarters, observe facility and business actual property.
Values are adjusted for groups whose stadium economics are anticipated to enhance quickly, such because the Buffalo Payments and the Tennessee Titans, who’re scheduled to maneuver into new stadiums in 2026 and 2027, respectively.
CNBC adjusts values for groups which have secured financing for important stadium enhancements, such because the Cincinnati Bengals, who’re getting $350 million from Hamilton County in Ohio for a $470 million renovation of Paycor Stadium.
Income and EBITDA figures are for the 2024 season and are on a money foundation moderately than an accrual foundation. Debt figures are the newest accessible and embody each workforce debt and stadium debt.
CNBC deducts the price of items bought from merchandise gross sales. Subsequently, CNBC excluded the $23 million noncash GAAP accrual every workforce needed to put aside in 2024 for potential concussion lawsuit settlements and included the marginally lower than $2 million each workforce obtained for a inventory sale made by 32 Fairness, the league’s funding arm, in line with an individual conversant in the matter who requested to not be named as a result of they weren’t approved to talk publicly.
Sources for CNBC’s Official NFL Crew Valuations embody workforce homeowners, traders and executives; sports activities bankers and league consultants; public paperwork resembling stadium lease agreements, stadium authority budgets and audits, and credit standing stories; and sponsorship and broadcasting business executives.
Figures that would not be confirmed with sources are CNBC estimates. Some figures used within the calculation of values could also be approximate.