The Los Angeles Lakers were sold to TWG Global CEO Mark Walter yesterday for a reported $10 billion. The price tag, which could increase once the deal is finalized, is a US sports team record.
Now that the Lakers are the first team to fetch an eye-popping 10 digits, the question must be asked: What NFL team will be the first to break that barrier?
The most recent NFL team sale was the Washington Commanders, which sold to a consortium led by Josh Harris for $6.05 billion. Other than setting an NFL record, the sale was notable for a few reasons. First, the NFL essentially forced a sale to shove former owner Dan Snyder out the back door after multiple scandals, including a toxic workplace culture, sexual harassment, and financial impropriety.
Washington Commanders owner Dan Snyder
Former Commanders owner Dan Snyder
© Tim Heitman-Imagn Images
The NFL also quietly and quickly changed some of its rules to hasten the sale, and shortly after, voted to allow private equity firms to buy up to a 10% stake in teams. Private equity paves the path for a rapid rise in franchise valuations, as these firms have more cash available than even your typical billionaire. The select firms that were quickly approved by the league collectively own $2 trillion in assets and have committed $12 billion of capital to be raised over time. The NFL is also expected to increase the 10% cap sooner rather than later.
With all of that in mind, here are the teams that are likely to break the 10-digit barrier first.
Dallas Cowboys
The Dallas Cowboys are the most valuable sports franchise in the history of sports
The Dallas Cowboys are the most valuable sports franchise in the history of sports
Not only are the Dallas Cowboys the most valuable team in all of sports across the world, but they are also the only NFL team currently valued at 10 digits. Despite their limited success on the field since their incredible Super Bowl run in the 1990s, the team nonetheless does very well with its marketing and merchandise efforts. The team posted a revenue of $1.22 billion in 2024, the only NFL team to surpass the $1 billion barrier there, and almost $300 million over the second-place Los Angeles Rams. There is little doubt that the Dallas Cowboys sale would blow the Lakers' price tag out of the water, but Jerry Jones doesn't look like he's going to sell his majority ownership anytime soon.
Seattle Seahawks
Seattle Seahawks fans cheer during the fourth quarter against the Arizona Cardinals at State Farm Stadium in Glendale
Seattle Seahawks fans cheer during the fourth quarter against the Arizona Cardinals at State Farm Stadium in Glendale
© Michael Chow/The Republic / USA TODAY NETWORK via Imagn Images
In contrast with their counterparts in Dallas, the Seattle Seahawks are widely expected to be the next NFL team to sell. The Seahawks have been eyed for sale since majority owner Paul Allen passed away in October 2018, and many league observers are quietly surprised that it hasn't happened yet. The Seahawks currently rank at No. 15 on the NFL's valuation list at $6.11 billion, with annual revenues of $600 million. One notable number is their percentage of debt as value sits at just 3%, much like the Cowboys. When - and it does seem like it's a matter of when, not if - the team sells, Amazon founder Jeff Bezos is the most likely contender. Bezos' company has deep roots in the city, and it was widely known that he had a strong interest in the Commanders. In fact, it was rumored that Bezos would have surpassed Harris' bid for the team, but Snyder rejected all overtures from the Amazon founder.
Los Angeles Chargers
Ladd McConkey
Oct 27, 2024; Inglewood, California, USA; Los Angeles Chargers wide receiver Ladd McConkey (15) hangs on the the ball for a touchdown as he is defended by New Orleans Saints safety Ugo Amadi (0) in the second half at SoFi Stadium. Mandatory Credit: Jayne Kamin-Oncea-Imagn Images
© Jayne Kamin-Oncea-Imagn Images
The Los Angeles Chargers' ownership group has been troubled for the last few years. In 2022, Dea Spanos Berberian, part-owner of the Chargers and sister of majority owner Dean Spanos, leveled charges of "misogynistic behavior" and "breaches of fiduciary duty" in a lawsuit that aimed to seize control of the team. The charges came following the team's puzzling relocation to Los Angeles, which left the team saddled with significant debt. Those issues appear to have been resolved after private equity mogul Tom Gores bought 27 percent of the team, injecting the franchise with much-needed cash. But with the team clearly playing a second-banana role in Los Angeles - the Chargers are currently valued at No. 26 while the Rams are at No. 2 - it seems likely that this issue will be revisited at some point. The Chargers currently hold a $5.83 billion valuation and were once rumored to be looking at a second relocation to London. With private equity already in the building and an ever-expanding international slate, the Chargers will remain a relocation and sale contender.
Indianapolis Colts
Late Indianapolis Colts owner Jim Irsay, left, and quarterback Peyton Manning celebrate his 2008 NFL MVP award.
Late Indianapolis Colts owner Jim Irsay, left, and quarterback Peyton Manning celebrate his 2008 NFL MVP award.
Sam Riche-USA TODAY NETWORK
Anytime an NFL owner passes away, a team immediately becomes a contender for sale. This is the case with the Indianapolis Colts, whose owner, Jim Irsay, passed away last month. For now, the team has announced an initial succession plan which sees his three daughters taking over the team with Carlie Irsay-Gordon leading the way. But there is a reason why passing NFL teams down through the generations has become more complicated: inheritance taxes. At some point, it is likely that the Irsay daughters will have to consider selling at least a large chunk of the franchise to pay said taxes. The Colts, unlike the other teams on this list, play in a relatively small market, which does not seem poised to make any major jumps. That is the primary reason why the Colts rank near the bottom of the valuations list at No. 27, with a $5.8 billion valuation. The team also has 9% of its valuation as debt.
There is no question that an NFL team will break the 10-digit barrier, and that time will come very soon. The way that franchise valuations are exploding, it might not be more than a couple of decades before observers are looking at the first team to break the 11 digit barrier at $100 billion.