The NFL remains the most dominant league financially, but it’s not the fastest-growing sport in terms of value.
By Mike Ozanian, Forbes Staff and Justin Teitelbaum, Forbes Staff
It’s getting harder to stay on top.
The world’s 50 most valuable sports teams are now worth a combined $256 billion (an average of $5.12 billion), 15% more than a year ago. And this year’s cutoff is higher than ever—$3.7 billion, or an increase of 19% from 2022.
Five-Year Growth: Sports Team Values are Through the Roof
The rise in valuations is primarily due to the higher multiples of revenue being paid for teams. The NFL’s Washington Commanders, ranked 12th on this year’s list of the top 50 teams, sold for a record $6.05 billion in July (or 11 times revenue). That’s quite an increase from the Denver Broncos (No. 21), whose sale price of $4.65 billion in 2022 was nine times revenue. Meanwhile, the NBA’s Phoenix Suns were purchased for $4 billion (13 times revenue) in February—the deal closed after our NBA valuations published last October—versus the $1.66 billion (six times revenue) the Utah Jazz changed hands for in 2020.
The action has also been revving up on the grid. The valuations of Formula 1 teams have risen a staggering 276% from four years ago, with the average multiple for the series’ ten teams up to 4.9, from 2.3 when Forbes last released valuations in 2019. Two F1 teams made this year’s top 50: Ferrari, ranked 45th and worth $3.9 billion, and Mercedes, ranked 47th at $3.8 billion. This marks the first time since 2013 that F1 teams have cracked the top 50 (when Ferrari was No. 21 and McLaren was 47th). The rise of those F1 teams bumped the NBA’s Brooklyn Nets and English soccer team Chelsea—who were ranked 48th and 50th, respectively, last year—from 2023’s top 50.
Average Five-Year Change By Sport Among The 50 Most Valuable Teams
NAME | # OF TEAMS | AVERAGE VALUE ($MILLION) | AVERAGE 5-YR CHANGE (%) | |
|---|---|---|---|---|
 | F1 | 2 | 3,850 | 232* |
 | MLB | 3 | 4,840 | 72 |
 | NBA | 6 | 4,929 | 76 |
 | NFL | 30 | 5,108 | 100 |
 | Soccer | 7 | 5,275 | 114 |
Source: Forbes reporting
The NFL remains the most valuable sports league in the world thanks to guaranteed television deals that could be worth more than $126 billion by 2033. Professional football has 30 teams among the top 50, the same number as last year.
World’s 50 Most Valuable Teams: League Breakdown
But the NFL is not the fastest-growing sport in terms of value. Among this year’s top 50, the seven soccer teams have the highest average five-year change (114%), led by Paris Saint-Germain. The French squad is up 334% since 2018 and is now worth $4.2 billion, ranking No. 36 this year. Also boosting their values are two teams in the English Premier League, Liverpool (with a 173% increase) and Manchester City (up 102%). During the past five years, all three teams regularly finished in the top third of their respective domestic leagues, and they typically participate in the lucrative Champions League.
Where the Top 50 Teams Play
No NHL, MLS or Indian Premier League teams made the top 50 this year. The New York Rangers, worth $2.2 billion, are the most valuable hockey team, and the Mumbai Indians, worth $1.3 billon, are the most valuable cricket team. In MLS, the Los Angeles Football Club is the most valuable team, becoming the first American soccer franchise to eclipse $1 billion.
WORLD’S 50 MOST VALUABLE TEAMS 2023
# 1. Dallas Cowboys
Current Value: $9 billion
League: NFL | Owner: Jerry Jones | Year Purchased: 1989 | Price Paid: $150 million | Five-Year Change in Value: 80% | Change in Rank from 2022: —
Rey Del Rio/Getty Images
# 2. New York Yankees
Current Value: $7.1 billion
League: MLB | Owner: Steinbrenner family | Year Purchased: 1973 | Price Paid: $8.8 million | Five-Year Change in Value: 78% | Change in Rank from 2022: ˄2
Jim McIsaac/Getty Images
#3. Golden State Warriors
Current Value: $7 billion
League: NBA | Owner: Joe Lacob, Peter Guber | Year Purchased: 2010 | Price Paid: $450 million | Five-Year Change in Value: 126% | Change in Rank from 2022: ˄5
Ezra Shaw/Getty Images
#4. New England Patriots
Current Value: $7 billion
League: NFL | Owner: Robert Kraft | Year Purchased: 1994 | Price Paid: $172 million | Five-Year Change in Value: 84% | Change in Rank from 2022: ˅1
#5. Los Angeles Rams
Current Value: $6.9 billion
League: NFL | Owner: E. Stanley Kroenke | Year Purchased: 2010 | Price Paid: $750 million | Five-Year Change in Value: 116% | Change in Rank from 2022: ˅2
#6. New York Giants
Current Value: $6.8 billion
League: NFL | Owner: John Mara, Steven Tisch | Year Purchased: 1925, 1991 | Price Paid: $500, $150 million | Five-Year Change in Value: 106% | Change in Rank from 2022: ˅2
#7. Chicago Bears
Current Value: $6.3 billion
League: NFL | Owner: McCaskey family | Year Purchased: 1920 | Price Paid: $100 | Five-Year Change in Value: 117% | Change in Rank from 2022: ˅1
#8. Las Vegas Raiders
Current Value: $6.2 billion
League: NFL | Owner: Mark Davis | Year Purchased: 1966 | Price Paid: $180,000 | Five-Year Change in Value: 156% | Change in Rank from 2022: ˄5
#9. New York Knicks
Current Value: $6.1 billion
League: NBA | Owner: Madison Square Garden Sports | Year Purchased: 1997 | Price Paid: $300 million | Five-Year Change in Value: 69% | Change in Rank from 2022: ˅3
#9. New York Jets
Current Value: $6.1 billion
League: NFL | Owner: Johnson family | Year Purchased: 2000 | Price Paid: $635 million | Five-Year Change in Value: 114% | Change in Rank from 2022: ˄2
Mike Stobe/Getty Images
#11. Real Madrid
Current Value: $6.07 billion
League: Spanish La Liga | Owner: club members | Year Purchased: NA | Price Paid: NA | Five-Year Change in Value: 48% | Change in Rank from 2022: ˄2
#12. Washington Commanders
Current Value: $6.05 billion
League: NFL | Owner: Joshua Harris | Year Purchased: 2023 | Price Paid: $6.05 billion | Five-Year Change in Value: 95% | Change in Rank from 2022: ˅4
#13. Manchester United
Current Value: $6 billion
League: English Premier League | Owner: Glazer family | Year Purchased: 2005 | Price Paid: $995 million | Five-Year Change in Value: 46% | Change in Rank from 2022: ˄6
#13. San Francisco 49ers
Current Value: $6 billion
League: NFL | Owner: Denise DeBartolo York, John York | Year Purchased: 1977 | Price Paid: $13 million | Five-Year Change in Value: 97% | Change in Rank from 2022: ˅1
#15. Los Angeles Lakers
Current Value: $5.9 billion
League: NBA | Owner: Jerry Buss Family Trusts, Mark Walter, Todd Boehly | Year Purchased: 1967, 2021 | Price Paid: $20 million, $5 billion | Five-Year Change in Value: 79% | Change in Rank from 2022: ˅5
Keith Birmingham/MediaNews Group/Pasadena Star-News /Getty Images
#16. Philadelphia Eagles
Current Value: $5.8 billion
League: NFL | Owner: Jeffrey Lurie | Year Purchased: 1994 | Price Paid: $185 million | Five-Year Change in Value: 111% | Change in Rank from 2022: —
Patrick Smith/Getty Images
#17. Miami Dolphins
Current Value: $5.7 billion
League: NFL | Owner: Stephen Ross | Year Purchased: 2009 | Price Paid: $1.1 billion | Five-Year Change in Value: 121% | Change in Rank from 2022: ˄2
#18. Barcelona
Current Value: $5.508 billion
League: Spanish La Liga | Owner: club members | Year Purchased: NA | Price Paid: NA | Five-Year Change in Value: 36% | Change in Rank from 2022: ˅3
David Ramos/Getty Images
#19. Houston Texans
Current Value: $5.5 billion
League: NFL | Owner: Janice McNair | Year Purchased: 1999 | Price Paid: $600 million | Five-Year Change in Value: 96% | Change in Rank from 2022: ˅2
#20. Liverpool
Current Value: $5.288 billion
League: English Premier League | Owner: John Henry, Thomas Werner | Year Purchased: 2010 | Price Paid: $343 million | Five-Year Change in Value: 173% | Change in Rank from 2022: ˄2
#21. Denver Broncos
Current Value: $5.1 billion
League: NFL | Owner: Rob Walton | Year Purchased: 2022 | Price Paid: $4.65 billion | Five-Year Change in Value: 92% | Change in Rank from 2022: ˅3
#22. Seattle Seahawks
Current Value: $5 billion
League: NFL | Owner: Paul G. Allen Trust | Year Purchased: 1997 | Price Paid: $194 million | Five-Year Change in Value: 94% | Change in Rank from 2022: ˅1
#23. Manchester City
Current Value: $4.99 billion
League: English Premier League | Owner: Sheikh Mansour Bin Zayed Al Nahyan | Year Purchased: 2008 | Price Paid: $252 million | Five-Year Change in Value: 102% | Change in Rank from 2022: ˄1
Joe Prior/Visionhaus/Getty Images
#24. Bayern Munich
Current Value: $4.86 billion
League: German Bundesliga | Owner: club members | Year Purchased: NA | Price Paid: NA | Five-Year Change in Value: 59% | Change in Rank from 2022: ˅1
#25. Los Angeles Dodgers
Current Value: $4.8 billion
League: MLB | Owner: Guggenheim Baseball Management | Year Purchased: 2012 | Price Paid: $2 billion | Five-Year Change in Value: 60% | Change in Rank from 2022: ˄1
Ronald Martinez/Getty Images
#26. Atlanta Falcons
Current Value: $4.7 billion
League: NFL | Owner: Arthur Blank | Year Purchased: 2002 | Price Paid: $545 million | Five-Year Change in Value: 81% | Change in Rank from 2022: ˄1
#27. Minnesota Vikings
Current Value: $4.65 billion
League: NFL | Owner: Wilf family | Year Purchased: 2005 | Price Paid: $600 million | Five-Year Change in Value: 94% | Change in Rank from 2022: ˄2
#28. Baltimore Ravens
Current Value: $4.63 billion
League: NFL | Owner: Stephen Bisciotti | Year Purchased: 2004 | Price Paid: $600 million | Five-Year Change in Value: 79% | Change in Rank from 2022: ˄2
Patrick Smith/Getty Images
#29. Pittsburgh Steelers
Current Value: $4.625 billion
League: NFL | Owner: Arthur Rooney II, Daniel Rooney Trust | Year Purchased: 1933 | Price Paid: $2,500 | Five-Year Change in Value: 79% | Change in Rank from 2022: ˅1
#30. Cleveland Browns
Current Value: $4.62 billion
League: NFL | Owner: Dee & Jimmy Haslam | Year Purchased: 2012 | Price Paid: $987 million | Five-Year Change in Value: 137% | Change in Rank from 2022: ˄3
#31. Green Bay Packers
Current Value: $4.6 billion
League: NFL | Owner: shareholders | Year Purchased: 1921 | Price Paid: $100 | Five-Year Change in Value: 75% | Change in Rank from 1921: ˅7
#32. Boston Red Sox
Current Value: $4.5 billion
League: MLB | Owner: John Henry, Thomas Werner | Year Purchased: 2002 | Price Paid: $380 million | Five-Year Change in Value: 86% | Change in Rank from 2022: ˅2
#33. Tennessee Titans
Current Value: $4.4 billion
League: NFL | Owner: Amy Adams Strunk | Year Purchased: 1959 | Price Paid: $25,000 | Five-Year Change in Value: 115% | Change in Rank from 2022: ˄9
#34. Indianapolis Colts
Current Value: $4.35 billion
League: NFL | Owner: James Irsay | Year Purchased: 1972 | Price Paid: $14 million | Five-Year Change in Value: 83% | Change in Rank from 2022: —
#35. Kansas City Chiefs
Current Value: $4.3 billion
League: NFL | Owner: Hunt family | Year Purchased: 1960 | Price Paid: $25,000 | Five-Year Change in Value: 105% | Change in Rank from 2022: ˄1
#36. Paris Saint-Germain
Current Value: $4.21 billion
League: French Ligue 1 | Owner: Qatar Sports Investments | Year Purchased: 2011 | Price Paid: $76 million| Five-Year Change in Value: 334% | Change in Rank from 2022: ˄12
#37. Tampa Bay Buccaneers
Current Value: $4.2 billion
League: NFL | Owner: Glazer family | Year Purchased: 1995 | Price Paid: $192 million | Five-Year Change in Value: 110% | Change in Rank from 2022: —
#38. Los Angeles Chargers
Current Value: $4.15 billion
League: NFL | Owner: Spanos family | Year Purchased: 1984 | Price Paid: $72 million | Five-Year Change in Value: 82% | Change in Rank from 2022: ˅6
#39. Chicago Cubs
Current Value: $4.1 billion
League: MLB | Owner: Ricketts family | Year Purchased: 2009 | Price Paid: $700 million | Five-Year Change in Value: 58% | Change in Rank from 2022: ˅5
#39. Chicago Bulls
Current Value: $4.1 billion
League: NBA | Owner: Jerry Reinsdorf | Year Purchased: 1985 | Price Paid: $16.2 million | Five-Year Change in Value: 41% | Change in Rank from 2022: ˅1
#39. Carolina Panthers
Current Value: $4.1 billion
League: NFL | Owner: David Tepper | Year Purchased: 2018 | Price Paid: $2.275 billion | Five-Year Change in Value: 78% | Change in Rank from 2022: —
#42. New Orleans Saints
Current Value: $4.075 billion
League: NFL | Owner: Gayle Benson | Year Purchased: 1985 | Price Paid: $70.2 million | Five-Year Change in Value: 96% | Change in Rank from 2022: ˅2
#43. Boston Celtics
Current Value: $4 billion
League: NBA | Owner: Wycliffe Grousbeck, Irving Grousbeck, Stephen Pagliuca, Robert Epstein | Year Purchased: 2002 | Price Paid: $360 million | Five-Year Change in Value: 62% | Change in Rank from 2022: ˅2
#43. Jacksonville Jaguars
Current Value: $4 billion
League: NFL | Owner: Shahid Khan | Year Purchased: 2011 | Price Paid: $770 million | Five-Year Change in Value: 92% | Change in Rank from 2022: ˄1
#45. Ferrari
Current Value: $3.9 billion
League: F1 | Owner: Ferrari N.V. | Year Purchased: 1950 | Price Paid: NA | Four-Year Change in Value: 189% | Change in Rank from 2022: NR
Dan Istitene/Formula 1_Getty Images
#45. Los Angeles Clippers
Current Value: $3.9 billion
League: NBA | Owner: Steve Ballmer | Year Purchased: 2014 | Price Paid: $2 billion | Five-Year Change in Value: 81% | Change in Rank from 2022: ˄1
#47. Mercedes
Current Value: $3.8 billion
League: F1 | Owner: Daimler AMG, Toto Wolff, INEOS | Year Purchased: 2010, 2013, 2022 | Price Paid: NA, $50 million, NA | Four-Year Change in Value: 274% | Change in Rank from 2022: NR
Qian Jun MB Media/Getty Images
#47. Arizona Cardinals
Current Value: $3.8 billion
League: NFL | Owner: Michael Bidwill | Year Purchased: 1932 | Price Paid: $50,000 | Five-Year Change in Value: 77% | Change in Rank from 2022: —
#49. San Francisco Giants
Current Value: $3.7 billion
League: MLB | Owner: Greg Johnson | Year Purchased: 1993 | Price Paid: $100 million | Five-Year Change in Value: 76% | Change in Rank from 2022: ˅7
#49. Buffalo Bills
Current Value: $3.7 billion
League: NFL | Owner: Terrence and Kim Pegula | Year Purchased: 2014 | Price Paid: $1.4 billion | Five-Year Change in Value: 131% | Change in Rank from 2022: ˅4
Rob Carr/Getty Images
NA: not applicable. NR: not ranked.
METHODOLOGY
The 50 Most Valuable Teams are culled from Forbes’ Formula 1, IPL, MLB, NBA, NFL, NHL and soccer team valuations during the past 12 months. Our team values are enterprise values (equity plus net debt) and include the economics of each team’s stadium as well as the rights fees they get from their regional sports networks. But the valuations exclude a team’s equity stakes in other sports-related assets (such as RSNs), other sports leagues and mixed-use real estate projects. For appraisals that include all sports-related assets, see Forbes’ annual ranking of the most valuable sports empires.
This article was first published on forbes.com and all figures are in USD.
