NFL Stadium Ownership Overview
As of the most recent public data, only a small number of NFL teams fully own their stadium, with the rest relying on public financing, long-term leases, or public-private partnerships. The Green Bay Packers remain the only NFL team with a publicly held ownership structure, and they maintain a unique relationship with the city of Green Bay for Lambeau Field. The Dallas Cowboys, owned by the Jerry Jones family through Cowboys Stadium LLC, are among the few teams that exercise near-complete control over their venue, AT&T Stadium, including naming rights and revenue management. For the majority of franchises, stadiums are financed through a mix of public bonds, hotel taxes, and stadium district taxes, with teams contributing a smaller share of the total cost. This structure directly affects franchise valuations, which are tracked by sources such as Forbes, and understanding who bears the debt and who captures the revenue is central to evaluating NFL team financials.
The distinction between owning and leasing a stadium has a direct impact on how teams report stadium-related revenue, including naming rights, luxury suite leases, and in-game advertising. Teams that do not own their stadium typically pay rent or a percentage of revenue to the host municipality or a public authority, which can compress operating income relative to teams with full ownership. The latest NFL franchise valuations, as reported by Forbes, show that the most valuable teams often have the most favorable stadium arrangements, whether through outright ownership or highly negotiated lease terms that capture a larger share of public infrastructure investment.
Teams With Full or Controlling Stadium Ownership
The Green Bay Packers are the only NFL team with a publicly traded ownership structure, and they have maintained ownership of Lambeau Field since its construction, with the team operating the venue through a nonprofit corporation. The Dallas Cowboys, through Jerry Jones and the Cowboys Stadium LLC entity, exercise full control over AT&T Stadium, including all revenue streams from naming rights, premium seating, and event hosting, a model detailed in financial analyses by Forbes. The Las Vegas Raiders, following the move to Allegiant Stadium, operate under a long-term lease with the Las Vegas Stadium Authority, but the team maintains significant control over the venue's branding and revenue allocation, making it a hybrid ownership and lease model rather than a traditional public facility.
For teams that do not own their stadium, the financial structure often involves complex public financing instruments, such as tax-exempt bonds issued by stadium districts or local governments. The New York Giants and New York Jets share MetLife Stadium under a lease agreement with the New Jersey Sports and Exposition Authority, which financed the construction through public bonds and continues to manage the venue. Similarly, the Los Angeles Rams and Los Angeles Chargers share SoFi Stadium under a lease with StadCo LA, LLC, a private entity that built and operates the venue, with the teams paying rent and sharing in certain revenue streams. These arrangements are documented in public filings and financial reports available through the SEC, which require detailed disclosure of lease obligations and stadium-related commitments.
Financial Impact of Stadium Ownership on NFL Franchise Value
Franchise valuations in the NFL are heavily influenced by stadium revenue control, and teams that own or effectively control their venues consistently rank at the top of the Forbes NFL franchise valuations list. The Dallas Cowboys, with their full ownership of AT&T Stadium, generate significant revenue from naming rights, premium seating, and non-NFL events, all of which flow directly to the team rather than to a public authority. The Green Bay Packers, despite their publicly owned structure, benefit from Lambeau Field ownership through a direct connection to the community, which supports sustained local investment and premium seating demand.
For teams operating under long-term leases, the financial impact is measured by the gap between rent obligations and the revenue captured from the stadium. The Las Vegas Raiders, for example, secured a $750 million public contribution for Allegiant Stadium through a hotel room tax increase, with the team contributing a smaller share and retaining control over key revenue streams. The