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Traditionally, the valuation of sports franchises has followed a predictable pattern. Media outlets like CNBC or Spotrac release their latest lists of estimated franchise values, sparking online debates among fans. Meanwhile, team owners quietly acknowledge these figures, all the while enjoying their growing fortunes.
Without fail, the Dallas Cowboys have consistently claimed the top spot.
For many years, the Cowboys have set the standard in every credible ranking, serving as the financial benchmark for sports franchises worldwide. They boast higher revenue than any other team globally and are widely regarded as the most valuable sports franchise in existence.
Just yesterday, we unveiled our own compilation of the 10 most valuable sports teams internationally. Predictably, the Cowboys led the pack. Drawing on the latest verified data, we estimated the team’s worth at an impressive $13 billion. This staggering figure becomes even more remarkable when considering that Jerry Jones acquired the team in 1989 for just $140 million.
We were satisfied with our rankings for a short while. Mere moments after publishing, a new headline captured my attention. During a Bloomberg event in New York, which coincided with my writing, Miami Dolphins owner Stephen Ross delivered a stunning revelation that disrupted all existing valuation models.
Craig Barritt/Getty Images
$15 Billion
In a straightforward manner, Ross informed the audience that he has received offers nearing $15 billion for the Miami Dolphins.
Read that again.
Fifteen. Billion. Dollars.
If true, that single sentence instantly flips the sports valuation universe upside down.
A $15 billion offer would make the Dolphins not just more valuable than the Cowboys, but the most valuable sports franchise on Earth by a wide margin. And it would do so without a championship dynasty, without decades of national dominance, and without the kind of global brand mythology that has traditionally defined No. 1 teams.
What makes Ross’s comment so powerful is not just the number, but the context. He was not promoting a sale. He was not courting bidders. In fact, he openly questioned what he would even do with the money if he sold. That kind of casual disclosure is rare in the ultra-secretive world of sports ownership and tends to carry far more weight than a polished press release or a leaked rumor.
In other words, this was not hype. This was an owner calmly acknowledging that the private market may already be valuing elite sports franchises far above anything we see on paper.
And if Stephen Ross is right, then every list, including ours, is already outdated.
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