The top 20 owners on The Forbes 400 have seen their combined fortunes rise by $122 billion over the past year and are now worth more than half a trillion dollars.

By Justin Birnbaum , Forbes Staff

W hen billionaire mortgage lender Mat Ishbia bought the Phoenix Suns last year, the deal’s $4 billion enterprise value was nearly $1.7 billion beyond the next-highest price anyone had ever paid for an NBA team. But Ishbia didn’t have to think very hard about making the leap into sports ownership. “Due diligence? It’s an NBA team,” he told his attorneys, as he recalled on Rex Chapman’s podcast last October. “You guys can waste your time, but we’re buying the team, and here’s the timeline.”

That approach would be risky for most acquisitions, but history suggested Ishbia had little reason to fear. Since 1998, when Forbes began tracking NBA team values, franchises have appreciated roughly 2,200% on average, and they’re poised to keep growing. In June, the NBA more than doubled its national media rights fees with a new set of agreements that will take effect in 2025 and are reportedly worth $76 billion over 11 years.

That kind of return—and similar figures in other major sports leagues, including roughly 1,700% appreciation in the NFL over the same period—helps explain why team ownership has become an increasingly popular investment for the few who can afford it. On the latest edition of The Forbes 400—the definitive ranking of the wealthiest Americans—54 billionaires are the controlling owner of a sports team in a major pro league, including 14 in the NBA.

The 20 richest owners from that group—perhaps the most exclusive club in sports—are now worth a combined $504 billion, according to Forbes estimates as of September 1, a 32% increase from a year ago. Their collective holdings include controlling stakes in ten teams from the NBA, eight from the NFL, five from professional soccer (including MLS and major European clubs), three from the NHL, two from MLB and one each from the WNBA and the Women’s Super League. Thanks not only to their steadily increasing sports team valuations but also to robust public markets, all but one are richer than they were last year.

For the tenth consecutive year, America’s richest sports team owner is former Microsoft CEO Steve Ballmer, who bought the Los Angeles Clippers for $2 billion in 2014 and has seen their value more than double over the past decade, to an estimated $4.65 billion, the fifth-best mark in Forbes’ 2023 NBA ranking. But that represents a small slice of the 68-year-old Ballmer’s $123 billion fortune, much of which comes from his Microsoft stock, up 35% over the past 12 months. He lands at No. 8 overall on The Forbes 400.

Ballmer isn’t the only owner with a massive stake in a publicly traded company. Walmart heir Rob Walton, who owns the Denver Broncos and ranks No. 2 among sports owners, with an estimated net worth of $94.3 billion, is a major owner of the retailer’s stock. Cleveland Cavaliers owner Dan Gilbert, No. 3 at $33.1 billion, holds shares worth roughly $27 billion in Rocket Companies, the fintech firm he founded in 1985. Meanwhile, the 13th-ranked Ishbia was the biggest gainer among this year’s sports owners, with his net worth nearly doubling to $13.1 billion behind the surging stock of United Wholesale Mortgage, the business his father founded in 1986 that the younger Ishbia runs as CEO.

Those favorable financial conditions have made this club even harder to crack than in years past. In 2023, the Baltimore Ravens’ Stephen Bisciotti ranked 20th among America’s richest sports owners, with a fortune of $7.2 billion; he drops off the list in 2024. It now takes at least $9.3 billion to rank among the 20 richest sports owners, with Josh Harris—owner of the Washington Commanders, the Philadelphia 76ers and the New Jersey Devils—just making the cut. He edged out Atlanta Falcons and Atlanta United owner Arthur Blank ($8.9 billion), Chelsea FC’s Todd Boehly ($8.5 billion) and Jimmy Haslam ($8.5 billion), who owns the Cleveland Browns and the Columbus Crew.

Miriam Adelson is the only sports owner in the top 20 whose fortune declined over the past year, down 9% after a so-so 12 months for the publicly traded Las Vegas Sands Corporation, the casino and resort company her husband, Sheldon, founded and chaired until his death in 2021. Still, she joins the owners list after buying the Dallas Mavericks from Mark Cuban for a reported $3.5 billion in December. A testament to the ever-higher bar to entry, with a net worth of $29.8 billion, the NBA’s newest owner is the fourth-richest sports owner in America.

HERE ARE AMERICA’S 20 RICHEST SPORTS TEAM OWNERS.

Team: Los Angeles Clippers

Source of Wealth: Microsoft

Net Worth: $123 billion (One-Year Change: +22%)

Steph Chambers/getty images

With the Clippers scheduled to host the Phoenix Suns on October 23 in their first regular-season game at the Intuit Dome, Ballmer has delivered on his promise to build his team its own arena, after a quarter-century in Downtown Los Angeles as a co-tenant with the Lakers. The process hasn’t been without its challenges: In August, a tech issue at the building’s entrances delayed the start of the venue’s inaugural event, a Bruno Mars concert, by nearly two hours, and the construction cost $2 billion. That is hardly enough to dent Ballmer’s fortune, however. He now ranks even higher on The Forbes 400 than Microsoft cofounder Bill Gates, his former boss and mentor.

Team: Denver Broncos

Source of Wealth: Walmart

Net Worth: $94.3 billion (One-Year Change: +40%)

Jack Dempsey/Associated Press

When Walton bought the Broncos in 2022 for $4.65 billion, at the time a record price for a sports team, it was widely seen as an overpay. Less than a year earlier, Forbes had valued Denver at $3.75 billion, and a person familiar with the negotiations told Forbes that no other bid had secured financing within $400 million of Walton’s. In hindsight, the franchise had plenty of room to grow. Now, every NFL team is worth at least $4 billion, and the Broncos are up to $5.5 billion while ranking as one of the world’s most profitable sports teams. But as his team ramps up, Walton, who will turn 80 in October, is winding down. He turned over control of the Broncos to his son-in-law, Greg Penner, last October and stepped down as chairman of Walmart’s board in June.

Team: Cleveland Cavaliers

Source of Wealth: Rocket Companies

Net Worth: $33.1 billion (One-Year Change: +55%)

Tony Dejak/Associated Press

Gilbert’s Cavaliers are in the midst of their best stretch since LeBron James took his talents to Los Angeles following the 2017-18 season. Cleveland has reached the playoffs in back-to-back seasons and signed superstar guard Donovan Mitchell to a three-year, $150.3 million contract extension in July. However, the 62-year-old Gilbert’s Rocket Companies may have one-upped his basketball team: The publicly traded mortgage and financial services business has seen its share price climb roughly 170% since last October.

Team: Dallas Mavericks

Source of Wealth: Las Vegas Sands Corporation

Net Worth: $29.8 billion (One-Year Change: -9%)

Chip Somodevilla/getty images

Adelson’s first season in Dallas nearly had a storybook ending as her Mavericks marched through the Western Conference straight to the NBA finals, only to come up short against the Boston Celtics. The franchise’s future remains bright behind superstar guard Luka Doncic, but her family’s aspirations extend beyond the court. The 78-year-old Adelson has been an advocate for legalized gambling in Texas, and the purchase of an additional piece of land near the Mavericks’ home arena suggests a casino could be on the horizon in Dallas.

5 (tie). Steve Cohen

Team: New York Mets

Source of Wealth: Hedge funds

Net Worth: $21.3 billion (One-Year Change: +8%)

Jim McIsaac/getty images

After an unexpected midseason turnaround that has the Mets on the verge of a postseason appearance, the 68-year-old Cohen is pressing forward with his aspirations to bring a casino to Flushing, Queens. This month, he unveiled renderings of Metropolitan Park, a 50-acre development that would also feature parks, restaurants and shopping areas around Citi Field. But Cohen is just one of many players vying for three casino licenses authorized for downstate New York, and while he’s offered a sizable community investment to sweeten the pot, his bid has hit a snag. Citi Field’s parking lots are designated as “parkland” and require special permission from Albany to allow development on the site, with one state senator already voicing opposition.

5 (tie). David Tepper

Teams: Carolina Panthers, Charlotte FC

Source of Wealth: Hedge funds

Net Worth: $21.3 billion (One-Year Change: +3%)

matt kelley/associated press

Since Tepper bought the Panthers for $2.3 billion in 2018, Carolina has failed to record a winning season and has gone through seven head coaches. Compounding the matter, the Panthers recently benched Bryce Young, the young quarterback whom they traded a boatload of draft assets to select with the No. 1 overall pick in the 2023 NFL draft. Tepper, 67, has had better luck in MLS, where Charlotte FC is in line for a playoff spot heading into the final month of the season.

Team: Miami Dolphins

Source of Wealth: Real estate

Net Worth: $17 billion (One-Year Change: +68%)

Ross spent $550 million to purchase 50% of the Dolphins in 2008 and then $450 million for another 45% a year later. Now, the 84-year-old real estate magnate is considering selling off a stake to a private equity firm, according to the New York Times.

8 (tie). Philip Anschutz

Teams: Los Angeles Kings, LA Galaxy

Source of Wealth: Energy, sports, entertainment

Net Worth: $16.9 billion (One-Year Change: +14%)

No team has appeared in or won the MLS Cup more than the LA Galaxy, with five wins in nine appearances, and they could add a sixth trophy to the 84-year-old Anschutz’s case this year, with the team currently leading the Western Conference. The Galaxy are also developing a soccer version of baseball’s spring training; in February, the club hosted 11 additional professional men’s teams and four NWSL teams at the Coachella Valley Invitational.

8 (tie). Stanley Kroenke

Teams: Los Angeles Rams, Denver Nuggets, Colorado Avalanche, Colorado Rapids, Arsenal FC, Arsenal Women’s FC

Source of Wealth: Sports, real estate

Net Worth: $16.9 billion (One-Year Change: +16%)

Icon Sportswire/getty images

The 77-year-old Kroenke was reportedly one of 31 NFL owners who voted in August in favor of allowing private equity firms to invest in the sport. Under the new guidelines, NFL teams can sell up to 10% to institutional investors—a potentially hefty payday for the owner known as Silent Stan, whose Rams are football’s second-most-valuable team, worth $7.6 billion, according to Forbes estimates.

8 (tie). Henry Samueli

Team: Anaheim Ducks

Source of Wealth: Broadcom

Net Worth: $16.9 billion (One-Year Change: +69%)

Samueli, 70, has seen returns greater than 1,200% on his hockey team, which he bought alongside his wife in 2005 for $70 million. (The Ducks are now worth $925 million, according to Forbes’ 2023 estimates.) But the stark increase in his personal fortune can mostly be attributed to the strong performance of his semiconductor company, Broadcom, which Samueli cofounded in 1991 and whose stock is up 82% year-over-year.

Team: Dallas Cowboys

Source of Wealth: Dallas Cowboys

Net Worth: $15.2 billion (One-Year Change: +5%)

Sam Hodde/getty images

The 81-year-old Jones’ Cowboys are the first sports team worth at least $10 billion, landing at $10.1 billion on Forbes’ recent NFL ranking after generating a league-high $1.2 billion in revenue during the 2023 season. Football’s next-most-valuable team, the Los Angeles Rams, trails $2.5 billion behind.

Teams: Jacksonville Jaguars, Fulham FC

Source of Wealth: Flex-N-Gate

Net Worth: $13.3 billion (One-Year Change: +9%)

Kirsty Wigglesworth/Associated Press

In May, Jacksonville approved a plan to construct a $1.4 billion “stadium of the future” for the Jaguars. Under the arrangement, both the city and the 74-year-old Khan would contribute $625 million, with another $150 million in deferred maintenance.

Teams: Phoenix Suns, Phoenix Mercury

Source of Wealth: United Wholesale Mortgage

Net Worth: $13.1 billion (One-Year Change: +96%)

Ishbia’s rivalry with Cleveland Cavaliers owner Daniel Gilbert extends from the basketball court to the mortgage business. When Ishbia bought the Suns in 2023, he received approval for his bid from every other NBA owner except Gilbert, who abstained and denied Ishbia a clean sweep. “He doesn’t like me, and I don’t like him, right?” Ishbia, the youngest member of the richest owners list at 44, told Bill Simmons last year. “That’s how it is. Business.”

Teams: New England Patriots, New England Revolution

Source of Wealth: Manufacturing, New England Patriots

Net Worth: $11.8 billion (One-Year Change: +6%)

Christopher Polk/getty images

Even though Tom Brady’s Patriots days are long over, Kraft is maintaining close ties with his former quarterback. The 83-year-old billionaire sat next to the future Hall of Famer at September’s Holy Grails auction, a joint event between Fanatics Collect and Sotheby’s, and even dropped $120,000 to buy an autographed Brady card.

Team: Atlanta Hawks

Source of Wealth: Private equity

Net Worth: $10.9 billion (One-Year Change: +35%)

The Hawks may be the only team the 63-year-old Ressler owns directly, but his influence over the sports world extends further through Ares Management, which he cofounded in 1997. The alternative assets firm, which manages $448 billion, has invested in MLS’s Inter Miami, the Professional Fighters League, Formula 1’s McLaren Racing and the Premier League’s Crystal Palace and Chelsea FC.

Team: Atlanta Braves

Source of Wealth: Cable television

Net Worth: $10.7 billion (One-Year Change: +7%)

The Braves are the only publicly traded team in Major League Baseball, and Malone, 83, controls 47.5% of their voting rights after spinning off the franchise from Liberty Media Corporation last year. That type of move is sometimes a precursor to a sale, although Malone denied the notion that the Braves could be changing hands. “I personally had to sign a representation to the lawyers that I had no plan or intent to sell my interest in the Braves,” he told Sportico in May.

Team: Houston Rockets

Source of Wealth: Landry’s Inc., Houston Rockets

Net Worth: $10.1 billion (One-Year Change: +26%)

Houston Chronicle/Hearst Newspapers via Getty Images

Fertitta has tried to expand his sports empire beyond the Rockets, but his most recent attempt, a $5.6 billion bid for the Washington Commanders last year, came up short against Josh Harris’ record $6.05 billion deal. Fertitta, 67, may get another opportunity soon enough. He recently confirmed he planned to bid on a WNBA expansion franchise.

Team: Memphis Grizzlies

Source of Wealth: Ubiquiti

Net Worth: $10 billion (One-Year Change: +21%)

Pera, 46, bought the Grizzlies for $377 million in 2012, and while the franchise is the NBA’s least valuable by Forbes’ measure, Memphis has still appreciated 537% in that time, to an estimated $2.4 billion. On the court, Pera’s team is looking to bounce back after a 27-win season marred by superstar guard Ja Morant’s 25-game suspension over a social media video in which he brandished a gun.

Team: Detroit Pistons

Source of Wealth: Private equity

Net Worth: $9.4 billion (One-Year Change: +16%)

Leon Halip/getty images

Gores, the 60-year-old founder of the $48 billion (assets) Platinum Equity, bought the Pistons in 2011, and in the 13 seasons since, the team has finished with a winning record just once. Still, Detroit is now worth nearly ten times what he paid, at $3.075 billion, and is entering a new era after hiring former New Orleans Pelicans general manager Trajan Langdon as president of basketball operations in June. Gores has also reportedly reached an agreement to purchase 27% of the Los Angeles Chargers, according to Sports Business Journal.

Teams: Washington Commanders, Philadelphia 76ers, New Jersey Devils

Source of Wealth: Private equity

Net Worth: $9.3 billion (One-Year Change: +35%)

Scott Taetsch/getty images

It’s been a busy 2024 for Harris, whose sports empire stretches across the NFL, the NBA, the NHL, the English Premier League and youth sports. In August, his Commanders picked up a stadium naming rights sponsor for the first time in two years, striking an eight-year deal with Northwest Federal Credit Union. A month later, the 76ers, whom the 59-year-old Harris co-owns with David Blitzer, signed their star Joel Embiid to a three-year, $192.9 million contract extension.

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Harris Blitzer Sports & Entertainment, the sports empire owned by Josh Harris and David Blitzer, is No. 3 on CNBC’s annual sports empire rankings, with an estimated value of $14.58 billion.

Harris Blitzer Sports & Entertainment, the sports empire owned by Josh Harris and David Blitzer, is No. 3 on CNBC’s annual sports empire rankings, with an estimated value of $14.58 billion.

The ownership group owns the NFL’s Washington Commanders as well as the NBA’s Philadelphia 76ers, the NHL’s New Jersey Devils and English Premier League side Crystal Palace.

Monumental Sports & Entertainment, the sports empire built by Ted Leonsis, is valued at $7.48 billion, according to CNBC’s annual sports empire rankings, putting it at No. 19 on the list of the top 20.

Monumental owns three D.C. franchises, including the NBA’s Wizards, NHL’s Capitals and WNBA’s Mystics, plus Capital One Arena. It also manages the MedStar Capitals Iceplex in Arlington, Virginia, and the District E esports team and venue in D.C.

CNBC estimates the world’s 20 most valuable sports ownership groups are now worth a combined $255 billion.

Ranking as the most valuable sports ownership portfolio on CNBC’s list is Kroenke Sports & Entertainment, the sports empire owned by Stanley Kroenke, valued at $21.2 billion. It owns the NFL’s Los Angeles Rams, the NHL’s Colorado Avalanche, the NBA’s Denver Nuggets and the English Premier League’s Arsenal.

Ranking No. 2 is the Jones Family, led by Jerry Jones, president and general manager of the Dallas Cowboys. It is valued at $15.53 billion, and owns the Cowboys, Legends, plus The Star in Frisco, the Cowboys’ world headquarters in Frisco, Texas.

Just behind Harris Blitzer, are Fenway Sports Grown, owners of the Boston Red Sox and Pittsburgh Penguins, with an estimated value of $14.19 billion, and Madison Square Garden Sports Corp, with the New York Rangers, New York Knicks and AHL’s Hartford Wolf Pack, valued at $12.69 billion.

CNBC’s full list of the 20 most valuable sports empires is online.

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The Clippers’ Steve Ballmer once again leads a top 25 collectively worth $607 billion, edging out the Broncos’ Rob Walton—but both are in danger of being eclipsed next year.

A mong the wealthiest people on the planet, few had a better year than Rob Walton. The 80-year-old Walmart heir saw his fortune soar by $32.6 billion, to an estimated $110 billion, after a banner 12 months from the public company his father founded more than six decades ago. But for Walton—who bought the Denver Broncos in 2022 for $4.65 billion, then a record price for a sports team—even those outsized gains aren’t enough to make him the world’s richest sports team owner.

In fact, he’s still $8 billion short.

That particular honor once again belongs to Steve Ballmer, the owner of the Los Angeles Clippers and the world’s 10th-richest person overall, worth an estimated $118 billion.

Of course, the 69-year-old Ballmer’s gigantic fortune has little to do with his basketball team. The overwhelming majority of his wealth is tied up in shares of Microsoft, the company he led as CEO from 2000 to 2014. But even after a so-so 12 months for the publicly traded tech giant, with market fluctuations costing Ballmer $3 billion, he is No. 1 among sports owners for the second straight year.

Looking ahead, Ballmer’s spot at the top could be in danger. Bernard Arnault, who owns the LVMH luxury goods empire and is the world’s fifth-richest man, worth an estimated $178 billion, bought control of French soccer club Paris FC near the end of 2024. Forbes does not include the owners of second-tier clubs for this list, leaving Arnault ineligible for now. But Paris FC could play its way into France’s first-division Ligue 1 after a strong season that currently has the club just outside Ligue 2’s automatic promotion zone.

Despite Arnault’s exclusion, Forbes adjusted its methodology for the world’s richest sports owners list this year to cover a broader collection of first-tier European soccer leagues and expanded the ranking to 25 owners, rather than the top 20 used in 2023 and 2024. Those changes allow three newcomers with European soccer clubs to join the list: Israeli shipping magnate Idan Ofer (worth an estimated $22.5 billion), who owns Portugal’s FC Famalicão; Danish fashion mogul Anders Holch Povlsen ($12.8 billion), who controls Denmark’s FC Midtjylland; and Egyptian construction tycoon Nassef Sawiris ($9.6 billion), who co-owns Aston Villa in England’s Premier League.

Combined, the 25 richest sports owners in the world are worth $607 billion, with the top 20 accounting for $557 billion of that total—a 16% increase from 2024’s ranking of 20 owners. Nearly every owner saw their net worth climb amid a robust year for the stock market, with Walton posting the single biggest gain by value ($32.6 billion) and Memphis Grizzlies owner and Ubiquiti Networks CEO Robert Pera, worth an estimated $15.7 billion, leading by percentage growth (145%). Only three owners from the top 25—Ballmer, Stade Rennais FC owner François Pinault and Phoenix Suns owner Mat Ishbia—saw their fortunes decline.

For the second consecutive year, basketball is the most represented sport on the list, with 13 teams (11 from the NBA and two from the WNBA). Soccer has 12 teams featured (six from Europe, four from MLS and two from the Women’s Super League in England), followed by the NFL (eight) and the NHL (four). Steve Cohen is the only MLB owner to qualify.

Here are the 25 richest sports team owners on the 2025 World’s Billionaires list, with their net worths as of March 7.

Leon Bennett/Stringer/Getty Images

Net Worth: $118 billion

One-Year Change: -3%

Source of Wealth: Microsoft

Citizenship: United States

Ballmer long wanted to move the Clippers out of the arena they shared with Los Angeles’ Lakers and Kings, and his dream finally became a reality last year when their new home, the Intuit Dome, opened in Inglewood. The high-tech venue has been busy ever since, hosting more than 100 events (including both concerts and basketball games) and bringing in more than a million fans total.

Jamie Schwaberow/Getty Images

Net Worth: $110 billion

One-Year Change: +42%

Source of Wealth: Walmart

Citizenship: United States

Walton paid a record price to become an NFL owner in 2022, but his investment is already showing healthy returns. Forbes estimates the Broncos—whose official control owner is Walton’s son-in-law, Greg Penner—are now worth $5.5 billion, up 18% since the purchase. That increase, however, pales in comparison with the rise in Walmart stock, which has more than doubled over the same period.

Julia Demaree Nikhinson/Pool/Getty Images

Net Worth: $32.1 billion

One-Year Change: 0%

Source of Wealth: Casinos

Citizenship: United States

The 79-year-old Adelson, the widow of former Las Vegas Sands CEO Sheldon Adelson (d. 2021), bought the Mavericks in December 2023 and hit an early bump in her tenure as owner with this year’s trade of superstar Luka Doncic to the Los Angeles Lakers. A year after reaching the NBA finals, Dallas is in danger of missing the playoffs, but the team still announced higher season-ticket prices for next season, heightening the tension with fans.

Net Worth: $27.8 billion

One-Year Change: +6%

Source of Wealth: Mortgage lending

Citizenship: United States

Gilbert’s Rocket Companies has had a tumultuous 12 months, with shares trading for more than $20 in September and dipping below $11 in January. The stock has since bounced back, closing at $15.77 on March 7, the day Forbes locked in net worths for the 2025 World’s Billionaires list. The 63-year-old Gilbert has seen the Cavaliers climb, too, to a $3.95 billion valuation.

Net Worth: $22.5 billion

One-Year Change: +42%

Team: FC Famalicão

Source of Wealth: Shipping

Citizenship: Israel

The younger son of the late shipping magnate Sammy Ofer (d. 2011), the 69-year-old Idan Ofer acquired majority control of Famalicão in 2018, a year after he bought a minority stake in Spanish soccer club Atlético Madrid. Famalicão reached Portugal’s first tier in 2019 and has remained there since, although the team has not finished higher than sixth in the standings.

Chesnot/Getty Images

Net Worth: $21.7 billion

One-Year Change: -31%

Team: Stade Rennais FC

Source of Wealth: Luxury goods

Citizenship: France

In the 27 years that Pinault, the 88-year-old honorary chairman of luxury group Kering, has owned Stade Rennais FC, the club has not won a title in France’s first division. This year won’t be any different: 27 matches into the 2024-25 season, Rennes is in 12th place, with less than half the points of league-leading Paris Saint-Germain.

Net Worth: $21.3 billion

One-Year Change: +8%

Source of Wealth: Hedge funds

Citizenship: United States

Cohen, the 68-year-old founder of Point72 Asset Management, reminded the baseball world this winter that he wasn’t afraid to flex his financial muscles, signing slugger Juan Soto to a 15-year, $765 million contract. Outside the ballpark, his plans to build a casino in Queens also took a step forward as the City Planning Commission approved a needed change to zoning regulations in February.

Net Worth: $21.3 billion

One-Year Change: +3%

Teams: Carolina Panthers, Charlotte FC

Source of Wealth: Hedge funds

Citizenship: United States

The Panthers have yet to reach the postseason under Tepper, the 67-year-old founder of Appaloosa Management, who bought the franchise for $2.275 billion in 2018. It’s not just fans complaining about his ownership, either: In the NFL Players Association’s most recent survey of its members, Tepper received a D-, the second-worst grade among the league’s 32 owners. He has had more success with MLS’s Charlotte FC, however, with the team reaching the playoffs in each of the last two years and posting the league’s second-best regular-season attendance total in 2022, 2023 and 2024, according to data website Transfermarkt.

Net Worth: $19.7 billion

One-Year Change: +40%

Source of Wealth: Semiconductors

Citizenship: United States

Samueli’s overhaul of the Ducks has left some wondering whether the 70-year-old Broadcom cofounder could rescue another Orange County franchise: the Los Angeles Angels, whose owner, Arturo Moreno, briefly put the team up for sale in 2022. Samueli would certainly have deep enough pockets. A strong year from his chipmaker has his net worth up roughly 40% from 2024, the sixth-highest gain among the 25 richest owners.

Megan Briggs/Getty Images

Net Worth: $18.4 billion

One-Year Change: +82%

Source of Wealth: Real estate

Citizenship: United States

After NFL owners voted in August to allow institutional investors to acquire team stakes, Ross was one of the first to take advantage. In December, the 84-year-old Related Companies founder sold 10% of the Dolphins (as well as Hard Rock Stadium and Formula 1’s Miami Grand Prix) to Ares Management at an $8.1 billion valuation. Forbes valued the NFL franchise (excluding the other assets) at $6.2 billion last year.

Net Worth: $18 billion

One-Year Change: +11%

Source of Wealth: Sports, real estate

Citizenship: United States

Kroenke, 77, owns a slew of successful sports teams, winning championships in the NFL, the NHL, the National Lacrosse League and the NBA within the last four years, and he received another honor in March when a survey by the Athletic ranked the NHL’s 32 owners and placed Kroenke at seventh. The Avalanche also have the fourth-most wins in the NHL (1,030) dating to 1999-2000, the season during which Kroenke agreed to buy the club.

Net Worth: $16.9 billion

One-Year Change: +11%

Source of Wealth: Energy, sports, entertainment

Citizenship: United States

Anschutz’s Galaxy are currently suffering from a championship hangover, falling to 13th place in the Western Conference just months after the club captured its sixth MLS Cup. But the 85-year-old founder of AEG, which owns sports teams, venues and events around the world, has a pretty good consolation prize: The Galaxy recently became the third club in MLS history to land a $1 billion valuation.

Jerome Miron/Associated Press

Net Worth: $16.6 billion

One-Year Change: +20%

Source of Wealth: Dallas Cowboys, energy

Citizenship: United States

When Jones bought the Cowboys for $150 million in 1989, the franchise was a financial mess and hemorrhaging $1 million each month. More than three decades later, Dallas is the most valuable sports franchise on the planet at an estimated $10.1 billion and generated record revenue of $1.2 billion in 2023. The 82-year-old Jones also controls oil and gas company Comstock Resources, whose shares are up 112% over the last 12 months.

Net Worth: $15.7 billion

One-Year Change: +145%

Source of Wealth: Wireless networking

Citizenship: United States

Ubiquiti Networks, the tech company the 47-year-old Pera founded and currently runs as CEO, had a stellar year, with its share price nearly tripling over the past 12 months. In more good news for Pera, the Grizzlies are poised to return to the playoffs after a one-year hiatus, although the team announced last week that it was firing coach Taylor Jenkins in a decision that shocked the NBA.

Net Worth: $15.2 billion

One-Year Change: +26%

Source of Wealth: Software

Citizenship: Germany

A lifelong hockey fan who first joined the Sharks’ ownership group in 2002 and took majority control eight years later, the 81-year-old Plattner now has the difficult task of turning around the franchise. San Jose is currently trapped in the NHL’s basement, with a league-worst 49 points. Plattner should have plenty of time to focus on that task, however, after he stepped down from SAP’s supervisory board in May following 21 years as its chairman.

James Gilbert/Getty Images

Net Worth: $13.4 billion

One-Year Change: +10%

Source of Wealth: Auto parts

Citizenship: United States

After another middling season in Jacksonville, Khan, who owns auto parts supplier Flex-N-Gate, brought in new—and much younger—leadership for the Jaguars: Head coach Liam Coen is 39, and James Gladstone is believed to be the second-youngest general manager in NFL history, at 34. Across the pond, the 74-year-old Khan recently added a new Sky Deck premium experience to Fulham’s home venue, Craven Cottage.

Net Worth: $12.8 billion

One-Year Change: +2%

Team: FC Midtjylland

Source of Wealth: Fashion retail

Citizenship: Denmark

The 52-year-old billionaire behind fashion retailer Bestseller, who also owns more than 1% of all the land in Scotland, Povlsen first bought into Midtjylland in 2021, and two years later, he upped his 25% stake to a reported 95.5%. The club brought home its domestic title last season and has eyes on repeating: The team currently sits atop the Danish Superliga’s table.

Net Worth: $12.1 billion

One-Year Change: 42%

Teams: Brooklyn Nets, New York Liberty

Source of Wealth: Alibaba

Citizenship: Canada

After winning his first WNBA title with the New York Liberty in October, Tsai expanded his sports empire two months later when the 61-year-old Alibaba Group cofounder purchased a small stake in the Miami Dolphins. Asked by the New York Post if he was interested in becoming a control owner in the NFL, however, Tsai said, “I’ve got to take care of the Brooklyn Nets first.”

Richard Heathcote/Getty Images

Net Worth: $11.8 billion

One-Year Change: +6%

Teams: New England Patriots, New England Revolution

Source of Wealth: Manufacturing, New England Patriots

Citizenship: United States

The 83-year-old Kraft, who got his start in paper and packaging, has openly expressed his desire to return the Patriots to their winning ways, and he is putting his money where his mouth is. In the early weeks of NFL free agency, New England leads the league with nearly $360 million in commitments, according to Spotrac, headlined by the signings of defensive tackle Milton Williams and wide receiver Stefon Diggs.

Net Worth: $11.4 billion

One-Year Change: +9%

Source of Wealth: Private equity

Citizenship: United States

After Ressler’s group reportedly paid $850 million for the Atlanta Hawks in 2015, the franchise is now worth an estimated $3.8 billion—growth of 347%, among the best marks in a league that has skyrocketed across the board. Ressler, the 64-year-old cofounder of private equity giant Ares Management, sees even more room for the industry to grow, saying recently that sports is a “$2.5 trillion or $3 trillion asset class.”

Net Worth: $11.3 billion

One-Year Change: +20%

Source of Wealth: Entertainment, Houston Rockets

Citizenship: United States

Fertitta is the CEO of Landry’s, the holding company behind the Golden Nugget casinos and a number of restaurant chains, but he may be on the verge of a career change. President Donald Trump has appointed the 67-year-old billionaire as the United States’ ambassador to Italy and San Marino, and Fertitta has said that he will resign from his corporate role if confirmed (although he would retain a passive interest). He would also have to step away from the day-to-day operations of the Rockets, with his 30-year-old son, Patrick, likely to take the reins.

Net Worth: $9.9 billion

One-Year Change: +18%

Source of Wealth: Private equity

Citizenship: United States

The 60-year-old cofounder of Apollo Global Management, Harris set a record for the purchase of a sports team in 2023 when he led a group that bought the Washington Commanders for $6.05 billion, adding to an empire that already included the 76ers and the Devils. That price tag won’t be No. 1 for much longer: Fellow private equity billionaire Bill Chisholm is leading a group that is buying the Boston Celtics for $6.1 billion.

Nic Antaya/Getty Images

Net Worth: $9.9 billion

One-Year Change: -1%

Teams: Phoenix Suns, Phoenix Mercury

Source of Wealth: Mortgage lending

Citizenship: United States

Shortly after he took over the Suns in 2023, Ishbia, the 45-year-old CEO of United Wholesale Mortgage, brought in prolific scorers Kevin Durant and Bradley Beal to complement the team’s homegrown star, Devin Booker. Things have hardly gone as planned: Phoenix is currently 11th in the NBA’s Western Conference, fighting to qualify for the play-in round of the postseason.

Net Worth: $9.6 billion

One-Year Change: +9%

Teams: Aston Villa FC, Aston Villa Women FC

Source of Wealth: Construction, investments

Citizenship: Egypt

An heir of Egypt’s wealthiest family, the 64-year-old Sawiris has owned Aston Villa alongside Fortress Investment Group cofounder Wes Edens since 2018, but his sports holdings don’t end there. He has stakes in Portugal’s Vitória SC and Spain’s Real Unión, and in 2020, he disclosed in a regulatory filing that he had acquired 6.3% of Madison Square Garden Sports, the public company that owns the New York Knicks and Rangers.

Net Worth: $9.4 billion

One-Year Change: +3%

Source of Wealth: Private equity

Citizenship: United States

Gores, the 60-year-old founder of Platinum Equity, expanded his sports portfolio last year, buying a 27% stake in the NFL’s Los Angeles Chargers. Now, he is trying to bring a WNBA team to Detroit, leading a bid that reportedly includes rap legend Eminem, Lions owner Sheila Ford Hamp, Red Wings and Tigers owner Denise Ilitch, General Motors CEO Mary Barra and former NBA stars Chris Webber and Grant Hill.

Methodology

Forbes’ ranking of the world’s 25 richest sports owners includes the control owners of franchises in the following North American leagues: MLB, MLS, the NBA, the NFL, the NHL, the NWSL and the WNBA. The “big five” European men’s soccer leagues—England’s Premier League, Spain’s La Liga, Italy’s Serie A, Germany’s Bundesliga and France’s Ligue 1—and the Women’s Super League are also included, as are several other first-division men’s competitions: Argentina’s Liga Professional, Belgium’s Pro League, Brazil’s Serie A, Denmark’s Superligaen, Mexico’s Liga MX, the Netherlands’ Eredivisie and Portugal’s Primeira Liga. Minority owners of teams were not included unless they qualified under a control stake with a different franchise. Net worths are calculated as of March 7, 2025.

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The Dallas Cowboys are the first franchise to lasso a $10 billion valuation, and all 32 teams are now worth at least $4 billion, with prices primed to keep rising.

By Justin Teitelbaum , Forbes Staff

T he Dallas Cowboys have been the most valuable team in the world’s richest sports league for 18 straight years, but America’s Team wasn’t the first franchise worth $1 billion, or $2 billion, or even $3 billion. (By Forbes’ calculations, those milestones were first achieved by, in order, the then-Washington Redskins in 2004, Manchester United in 2012 and Real Madrid in 2013.)

If everything really is bigger in Texas, though, Dallas owner Jerry Jones can surely appreciate this: The Cowboys are the first sports team to cross the $10 billion threshold, landing at $10.1 billion on Forbes’ annual list of the NFL’s most valuable teams. That figure represents a 77% increase since 2020—when the Covid-19 pandemic momentarily slowed NFL teams’ growth—and an annualized return of 15%, beating the S&P 500’s 13% in the same four-year period.

The Cowboys may not have won a Super Bowl since 1996, but they now have a $2.5 billion lead on the NFL’s second-most-valuable team, the Los Angeles Rams—and a $7 billion gap ahead of the No. 32 Cincinnati Bengals—thanks to Dallas’ nearly $800 million in local revenue during the 2023 season, including ticket sales, sponsorships, merchandise and other streams specific to the club. No other pro football team even topped $400 million, with the Las Vegas Raiders and the Rams getting the closest, and Dallas’ $564 million in operating income essentially doubled up the second-place Rams’ $286 million.

All NFL franchises are riding high, however, with roughly $380 million in league distributions per team, most of it coming from the league’s lucrative new national media rights package, which kicked in last season. The agreements—with CBS, ESPN/ABC, Fox, NBC and YouTube, plus Amazon’s Thursday Night Football deal, which started a year earlier—are set to pay at least $125.5 billion through 2033.

That kind of guaranteed money has all 32 NFL teams now worth at least $4 billion, at an average of $5.7 billion, up 11% from 2023’s record $5.1 billion. And every team is profitable, with operating income of at least $56 million across the board for the 2023 season, according to Forbes estimates. (By contrast, Major League Baseball, Major League Soccer and the NBA each had at least three teams lose money in the most recent season of Forbes data.) Those economics help explain why the NFL’s valuations sit in a relatively narrow band, with the Cowboys worth 2.5 times the last-place Bengals—smaller than the spread in Forbes’ most recent lists for MLB (7.6x), MLS (3x), the NBA (3.2x) and the NHL (5.6x).

The future of the NFL’s “Sunday Ticket” package, which shifted from DirecTV to YouTube last season, is somewhat uncertain in the midst of an antitrust lawsuit in which the presiding federal judge recently overturned the jury’s $4.7 billion verdict against the league. (The plaintiffs are expected to appeal.) But after the Washington Commanders were sold last year for a record $6.05 billion (including a $200 million earn-out), there are tailwinds that could push team prices even higher.

First, Netflix is set to stream two Christmas Day games this season and at least one in 2025 and 2026, adding one more competitor to the media bidding war. The NFL is also growing internationally, with five games being played abroad in 2024 and flag football debuting as an Olympic sport in Los Angeles in 2028. Meanwhile, NFL Commissioner Roger Goodell continues to push for an 18-game regular season, after the players’ union reluctantly accepted a 17th game starting in 2021, and the widespread legalization of sports betting is opening new opportunities. In addition, several teams around the league are pursuing new stadiums, which typically boost revenue.

More immediately, the NFL, which has always required team owners to be individuals, could see an influx of private equity money after a vote at a special meeting on Tuesday to allow select funds to own up to 10% of a franchise’s equity. That level of investment is well below what MLB (15%), MLS (20%), the NBA (20%) and the NHL (20%) reportedly permit a fund to own, so the impact may be somewhat muted. The idea, though, is that institutional investors can expand the ranks of potential bidders for teams, a pool that would otherwise keep getting smaller as prices continue to soar.

Likewise, in October, the NFL raised its debt limit for teams to $700 million, from $600 million, and for team buyers to $1.2 billion, from $1.1 billion. That should make it easier for a prospective NFL owner to cover the 30% of a team’s equity that the league requires a franchise’s general partner to hold.

So while the Cowboys are the first team to get to $10 billion, they surely won’t be the last.

#1. $10.1 billion

One-Year Change: 12% | Operating Income: $564 million | Owner: Jerry Jones

Perry Knotts/getty images

#2. $7.6 billion

One-Year Change: 10% | Operating Income: $286 million | Owner: E. Stanley Kroenke

Dustin Satloff/getty images

#3. $7.4 billion

One-Year Change: 6% | Operating Income: $261 million | Owner: Robert Kraft

#4. $7.3 billion

One-Year Change: 7% | Operating Income: $190 million | Owners: John Mara, Steven Tisch

#5. $6.9 billion

One-Year Change: 13% | Operating Income: $138 million | Owner: Johnson family

Cooper Neill/getty images

#6. $6.8 billion

One-Year Change: 13% | Operating Income: $144 million | Owner: York family

Ryan Kang/getty images

#7. $6.7 billion

One-Year Change: 8% | Operating Income: $115 million | Owner: Mark Davis

#8. $6.6 billion

One-Year Change: 14% | Operating Income: $158 million | Owner: Jeffrey Lurie

Ryan Kang/getty images

#9. $6.4 billion

One-Year Change: 2% | Operating Income: $138 million | Owner: McCaskey family

#10. $6.3 billion

One-Year Change: 4% | Operating Income: $160 million | Owner: Josh Harris

#11. $6.2 billion

One-Year Change: 9% | Operating Income: $118 million | Owner: Stephen Ross

Rob Carr/getty images

#12. $6.1 billion

One-Year Change: 11% | Operating Income: $164 million | Owner: Cal McNair

#13. $5.6 billion

One-Year Change: 22% | Operating Income: $60 million | Owner: shareholders

#14. $5.5 billion

One-Year Change: 8% | Operating Income: $114 million | Owner: Greg Penner

#15. $5.45 billion

One-Year Change: 9% | Operating Income: $104 million | Owner: Paul G. Allen Trust

Jane Gershovich/Stringer/getty images

#16. $5.4 billion

One-Year Change: 29% | Operating Income: $134 million | Owner: Glazer family

#17. $5.3 billion

One-Year Change: 15% | Operating Income: $129 million | Owners: Arthur Rooney II, Daniel Rooney Trust

#18. $5.2 billion

One-Year Change: 11% | Operating Income: $94 million | Owner: Arthur Blank

#19. $5.15 billion

One-Year Change: 11% | Operating Income: $95 million | Owners: Dee and Jimmy Haslam

Jason Miller/Stringer/getty images

#20. $5.1 billion

One-Year Change: 23% | Operating Income: $110 million | Owner: Dean Spanos

#21. $5.05 billion

One-Year Change: 9% | Operating Income: $111 million | Owner: Zygmunt Wilf

#22. $5 billion

One-Year Change: 8% | Operating Income: $77 million | Owner: Stephen Biscotti

Patrick Smith/getty images

#23. $4.9 billion

One-Year Change: 11% | Operating Income: $123 million | Owner: Amy Adams Strunk

#24. $4.85 billion

One-Year Change: 13% | Operating Income: $115 million | Owner: Hunt family

Cooper Neill/getty images

#25. $4.8 billion

One-Year Change: 10% | Operating Income: $146 million | Owner: James Irsay

#26. $4.6 billion

One-Year Change: 15% | Operating Income: $139 million | Owner: Shahid Khan

#27. $4.5 billion

One-Year Change: 10% | Operating Income: $109 million | Owner: David Tepper

#28. $4.4 billion

One-Year Change: 8% | Operating Income: $118 million | Owner: Gayle Benson

Chris Graythen/getty images

#29. $4.3 billion

One-Year Change: 13% | Operating Income: $112 million | Owner: Michael Bidwill

#30. $4.2 billion

One-Year Change: 14% | Operating Income: $101 million | Owners: Terrence and Kim Pegula

#31. $4.15 billion

One-Year Change: 15% | Operating Income: $56 million | Owner: Ford family

Stephen Maturen/getty images

#32. $4.1 billion

One-Year Change: 17% | Operating Income: $76 million | Owner: Michael Brown

METHODOLOGY

Figures for revenue and operating income (earnings before interest, taxes, depreciation and amortization) are estimated for the 2023 season and are net of stadium debt service. Debt includes both team and stadium debt recourse to team owners. Forbes presents its P&L figures on a cash basis, rather than an accrual basis, of accounting.

Team values are enterprise values (equity plus net debt) and include the economics of the team’s stadium (including non-NFL revenue that accrues to the team’s owner) but not the value of the stadium real estate itself. Team values also exclude other businesses related to the team with separate financial statements, such as The Star, the Dallas Cowboys’ headquarters and entertainment facility. (Those valuations are included in Forbes’ annual ranking of sports empires.) Team values are rounded to the nearest $50 million, and estimated operating income is rounded to the nearest $1 million.

Sources for NFL valuations include team executives, sports bankers and league consultants; public documents such as stadium lease agreements and credit rating reports; and sponsorship and broadcasting industry executives.

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Welcome to the kickoff of CNBC’s first-ever Official NFL Team Valuations.

Here we rank professional football teams on overall franchise value, calculated by CNBC senior sports reporter Michael Ozanian. The rankings factor in a team’s revenue, profit and debt to match up the 32 clubs ahead of the start to the NFL season.

Today, an NFL team is worth an average of $6.49 billion, representing major returns for league owners. Among the factors driving up values this year are big-money media deals, sponsorship revenue and non-NFL events at team stadiums, including Taylor Swift’s The Eras Tour.

Along with this year’s list, we look at how the Dallas Cowboys went from losing $1 million a month to becoming the NFL’s most valuable franchise at $11 billion, and why the Los Angeles Rams are worth so much more than the Los Angeles Chargers.

With global sports business booming and private equity investors finally off the NFL sidelines, where does your team rank among professional football’s most valuable franchises?