Historically, sports franchise valuations have followed a familiar script. An outlet like CNBC or Spotrac publishes an updated list of estimated values. Fans argue about them online. Owners quietly nod along while counting their paper billions.
And almost without exception, the Dallas Cowboys sit at No. 1.
That has been the case for years. In every serious ranking, the Cowboys are the financial benchmark for global sports ownership. They generate more revenue than any other team on the planet and are widely viewed as the single most valuable franchise in all of sports.
Just yesterday, we published our own list of the 10 most valuable sports teams on Earth. Unsurprisingly, the Cowboys topped the list. Based on the most recent confirmed data, we estimated the franchise is worth roughly $13 billion. An absurd number, made especially absurd when you realize that Jerry Jones bought the team in 1989 for $140 million.
We felt good about our list for about 20 minutes. Almost as soon as I had hit publish, a headline came across my screen. At a Bloomberg event that was underway in New York while I was typing, Miami Dolphins owner Stephen Ross casually threw a haymaker that obliterated every valuation model anyone uses.
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$15 Billion
Speaking matter-of-factly, Ross told the audience that he has received offers approaching $15 billion for the Miami Dolphins.
Read that again.
Fifteen. Billion. Dollars.
If true, that single sentence instantly flips the sports valuation universe upside down.
A $15 billion offer would make the Dolphins not just more valuable than the Cowboys, but the most valuable sports franchise on Earth by a wide margin. And it would do so without a championship dynasty, without decades of national dominance, and without the kind of global brand mythology that has traditionally defined No. 1 teams.
What makes Ross’s comment so powerful is not just the number, but the context. He was not promoting a sale. He was not courting bidders. In fact, he openly questioned what he would even do with the money if he sold. That kind of casual disclosure is rare in the ultra-secretive world of sports ownership and tends to carry far more weight than a polished press release or a leaked rumor.
In other words, this was not hype. This was an owner calmly acknowledging that the private market may already be valuing elite sports franchises far above anything we see on paper.
And if Stephen Ross is right, then every list, including ours, is already outdated.
