Purchase Price and Deal Structure
The Jones family completed the acquisition of the Dallas Cowboys in 1989 when Jerry Jones purchased the team, the stadium operating rights, and approximately one-third of the Arlington Stadium land for a reported $140 million. The deal was structured as a mix of cash and assumed debt, and the transaction was executed through Jones's family investment entity. The purchase is frequently referenced in NFL ownership discussions because it marked a shift in how family-controlled sports franchises were financed and managed. For background on the deal structure, see the official team history overview at dallascowboys.com/team/franchise-history.
Adjusted for inflation, the 1989 purchase price is now estimated at roughly $350 million to $370 million, depending on the index used. The Cowboys later secured a publicly funded stadium deal, which significantly increased the value of the land and the franchise's revenue streams. The team's valuation has grown substantially since the original transaction, driven by stadium revenue, media rights, and sponsorship deals. Forbes regularly updates the Cowboys' valuation in its annual NFL franchise rankings at forbes.com/teams/dallas-cowboys.
Current Ownership and Control
Jerry Jones remains the controlling owner and managing general partner of the Dallas Cowboys. The franchise is held through Jones Sports Company, a private entity that manages the team, the stadium, and the surrounding development parcels. The Jones family maintains operational control over football decisions, business strategy, and stadium revenue allocation. The structure is typical of major NFL franchises, where a single controlling owner holds significant decision-making authority. For a general overview of NFL ownership rules, see the league's official page at nfl.com/owners.
The Cowboys are organized as a limited partnership, with Jerry Jones as the general partner and family members and select investors as limited partners. The partnership structure allows for centralized management while limiting individual liability for limited partners. The team's financial statements are not publicly disclosed, but franchise value estimates are published annually by financial media and valuation firms. The Cowboys consistently rank as the most valuable NFL franchise in published league rankings. Additional context on franchise valuation methodology can be found in the Forbes NFL valuations section at forbes.com/sites/forbesbusinesscouncil.
Franchise Value and Revenue Streams
The Dallas Cowboys are routinely ranked as the most valuable sports franchise in North America. Recent published estimates place the franchise value above $10 billion, driven by strong gate receipts, national television contracts, and a lucrative stadium naming and hosting agreement. The team's revenue streams include ticket sales, luxury suite leases, local media rights, merchandise, and stadium event hosting. The Cowboys' brand value is amplified by the team's market size, historical success, and the strategic location of the stadium complex. For detailed financial highlights, see the Forbes franchise profile at forbes.com/teams/dallas-cowboys.
The stadium hosting business, including concerts, conventions, and international events, generates significant non-football revenue for the Jones ownership group. The team's merchandise licensing and sponsorship portfolio is among the largest in professional sports, with deals spanning apparel, automotive, and financial services sectors. The Cowboys' national broadcast exposure is among the highest in the NFL, contributing to elevated sponsorship valuations. The franchise's financial profile is closely watched by analysts and investors in the sports business sector. Broader context on sports franchise economics is available