The National Football League (NFL) returned this week and Forbes revealed which teams are heading into the 2026/27 season as the most valuable.
Forbes has released its list of the most valuable NFL teams heading into the new 2026/27 season.
NFL team valuations continue to soar due to a mix of media rights, stadium renovations, external investors acquiring stakes in teams due to new rules and recent sales have surged capital interest in the teams.
Forbes revealed that there are now 10 NFL teams that are worth $10bn or more. It was only two years ago that the Dallas Cowboys became the first sports team to reach the $10bn threshold.
Unsurprisingly, the Cowboys remain the NFL’s most valuable team, with an enterprise value of $17bn, a new record and an increase from last year’s valuation of $13bn. Jerry Jones’ team has remained the most valuable NFL team for 20 consecutive years, despite not winning a Super Bowl since 1995.
The Cowboys generated $1.28bn in revenue last season and an operating income of $677m, becoming the world’s most profitable sports team globally.
Here are the top 10 most valuable NFL teams, according to Forbes:
- Dallas Cowboys: $17bn
- Los Angeles Rams: $13.5bn
- New York Giants: $12bn
- New England Patriots: $10.6bn
- San Francisco 49ers: $10.5bn
- Miami Dolphins: $10.4bn
- New York Jets: $10.35bn
- Las Vegas Raiders: $10.3bn
- Philadelphia Eagles: $10.25bn
- Atlanta Falcons: $10.1bn
New rules, new investors, new valuations
In August 2024, the NFL approved new investment and ownership rules which allows franchises to earn additional capital from external investors.
The rules state new investors must adhere to a six-year holding period and not exceed a maximum of six investments across multiple NFL franchises.
Direct investment from sovereign wealth funds is prohibited, and controlling/majority owners can sell up to a maximum of 10% in an NFL franchise, but no lower than 3%.
Since the new rules have been in effect, there has been a total of 11 investment activities involving teams.
Equity firms such as Arctos, Ares Management and Sixth Street Partners have been some of the most active investors in acquiring passive NFL team stakes.
The Buffalo Bills (2026 Forbes valuation: $8.15bn) sold a 10% stake to Arctos as part of a wider investor group to help provide additional capital, particularly to assist in the construction of the Bills’ new Highmark Stadium, which will open for the first time during the 2026/27 season.
The Cleveland Browns (2026 Forbes valuation: $9bn) also sold off a stake in the franchise to Arctos. The Browns’ ownership group pledged to use 67.5% of Arctos’ investment into building an enclosed dome stadium in Brook Park, Ohio, as well as renovating commercial spaces.
Other investments from private equity firms includes the Miami Dolphins, Atlanta Falcons, New England Patriots, and the Seattle Seahawks – which were wholly bought out by the Khosla Family.
