2023 Valuation: The sum of the enterprise value of an NFL franchise combined with the value of team-related businesses and real estate holdings.

Team Value: NFL franchise valuation, derived from metrics by which football-team transactions occur, including aggregating local and national revenues and factoring in a team-specific multiplier. This represents the market value of the team itself, excluding related businesses held by its owners. It includes the value of each franchise’s 3.13% interest in the league’s properties, including NFL Network, NFL RedZone and its digital platforms, which are acquired/dispossessed in tandem with the sale of a team.

Team-Related Businesses and Real Estate Holdings: The value of a franchise owner’s equity in team-related businesses that are distinct corporate entities, as well as government-assessed real estate related to venue, practice facilities and adjacent developments. Examples include: Cowboys owner Jerry Jones’ 20%-plus interest in Legends Hospitality, a stadium operations corporation; and the Washington Commanders’ subsidiaries, which own nearly 400 acres split between 12 parcels near the team’s stadium and practice facility.

This category excludes value derived from enterprises determined as too attenuated from the football team’s operations, which fall into three categories: (1) rent from non-football, outside-of-stadium retail operations, like the Green Bay Packers’ Titletown venture or New England Patriots’ Patriot Place; (2) licensing fees paid by non-football third parties to a team’s sister company for the use of intellectual property; (3) team owner’s investment in businesses unrelated to franchise operations. Examples include the Cowboys’ sister company Blue Star Land’s joint ventures with real estate partners or the Formula 1 race in Miami operated by Dolphins’ owner Stephen Ross.

For franchises that do not own their venues, the value of a team’s lease—often with advantageous terms negotiated with municipal or state authorities—is captured in the Team Value category.