The Nationwide Soccer League continues to widen its lead as probably the most useful and worthwhile sports activities league on this planet, with the typical franchise now price $7.65 billion, in accordance with CNBC’s Official NFL Workforce Valuations 2025. That determine marks an 18% soar from final yr.
Eleven NFL groups are actually valued at $8 billion or extra, up from simply two a yr in the past, in accordance with CNBC’s calculations. Huge-market groups with profitable stadium revenues high CNBC’s checklist.
The Dallas Cowboys, price $12.5 billion, retained their spot because the league’s most respected crew, in accordance 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 accordance with an individual accustomed to the matter, who requested to not be named as a result of they weren’t licensed to talk publicly.
The Los Angeles Rams, valued at $10.7 billion, are the second-most-valuable crew, in accordance with CNBC’s calculations. The crew raked in almost $250 million in sponsorship income in 2024, behind solely the Cowboys, in accordance with one other individual accustomed to the matter, who requested to not be named as a result of they weren’t licensed to talk publicly.
Common crew income throughout the 2024 season reached $687 million, up 7.3% from the earlier yr, in accordance with CNBC’s calculations. That improve was fueled largely by nationwide income — tv, licensing and sponsorship proceeds shared equally among the many 32 franchises — which rose to a mean of $433 million per crew from $403 million the earlier season, in accordance with league executives.
Common earnings earlier than curiosity, taxes, depreciation and amortization, or EBITDA, climbed 7.9% in 2024 to $137 million, in accordance with CNBC’s calculations.
The NFL’s monetary power is underpinned by its reputation and the worth of its content material. NFL video games accounted for 72 of the 100 most-watched U.S. telecasts in 2024, in accordance with Nielsen. Media rights offers now generate a mean of $12.4 billion yearly, in accordance with an individual accustomed to the contracts, who requested to stay unnamed as a result of they weren’t licensed 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 by 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 could possibly be price between $2 billion and $3 billion. The deal can also be anticipated to considerably enhance EBITDA as a result of it would shift plenty of manufacturing prices from the NFL to ESPN, in accordance 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.
Workforce house owners have been capitalizing on the league’s reputation and monetary power by promoting stakes to restricted companions. Whereas there have been solely three investments by non-public fairness corporations in NFL groups because the league allowed such offers a yr in the past, the rule change has had a profound impact on sale costs, as a result of non-public fairness corporations — which have lined up in entrance of almost each NFL crew, in accordance 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 anticipate a 20% to 25% low cost on valuation in the event that they had been trying to purchase a small stake that may give them no say in how the crew is run or provide a path to regulate. However that cheaper funding has largely been eviscerated, in accordance 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 crew possession tends to be far more multigenerational than that of different leagues. There’s large demand to be a part of NFL crew possession and, relative to different leagues, only a few gross sales or transfers of possession stakes give a purchaser controlling curiosity in a crew.
The NFL’s possession guidelines require the individual with a controlling curiosity to personal at the least 30% of the crew and have a most of $1.5 billion of debt on the crew and stadium. The sports activities bankers instructed 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 may purchase a controlling curiosity in one other league.
The Chicago Bears noticed the largest one-year soar in valuation this yr, up 39.1% to $8.9 billion. A deal pending NFL approval would have the prevailing house owners of the crew, the McCaskey and Ryan households, buy a 2.3% stake owned by the property of Andrew McKenna Sr. at an NFL report $8.9 billion valuation, in accordance with an individual accustomed to the matter, who requested to not be named as a result of they weren’t licensed to talk publicly.
Earlier than the Bears deal, the earlier record-high worth paid for a minority stake in an NFL crew 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 few $10 billion valuation.
At such wealthy valuations and with non-public fairness corporations anticipating a bit of the motion, extra minority stake gross sales are anticipated over the approaching months.
Methodology
CNBC’s Official NFL Workforce Valuations are present enterprise values — fairness plus web debt — calculated utilizing income multiples and embrace the economics of the crew’s stadium, together with non-NFL income that accrues to the crew’s proprietor.
The valuations exclude the worth of the stadium actual property and different companies owned by the crew. For instance, the worth of the Dallas Cowboys excludes The Star, the crew’s 91-acre headquarters, follow 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 vital 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 reasonably than an accrual foundation. Debt figures are the newest accessible and embrace each crew 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 crew needed to put aside in 2024 for potential concussion lawsuit settlements and included the marginally lower than $2 million each crew acquired for a inventory sale made by 32 Fairness, the league’s funding arm, in accordance with an individual accustomed to the matter who requested to not be named as a result of they weren’t licensed to talk publicly.
Sources for CNBC’s Official NFL Workforce Valuations embrace crew house owners, traders and executives; sports activities bankers and league consultants; public paperwork equivalent to stadium lease agreements, stadium authority budgets and audits, and credit standing experiences; and sponsorship and broadcasting business executives.
Figures that might not be confirmed with sources are CNBC estimates. Some figures used within the calculation of values could also be approximate.
