0 1000Bufalo Bills
Terry & Kim PegulaDetroit Lions
Martha Firestone FordCincinnati Bengals
Michael BrownCleveland Browns
Dee & Jimmy HaslamTampa Bay Buccaneers
Glazer familyTennessee Titans
Amy Adams StrunkNew Orleans Saints
Gayle BensonJacksonville Jaguars
Shahid KhanKansas City Chiefs
Lamar Hunt familyArizona Cardinals
William BidwillLos Angeles Chargers
Spanos familyCarolina Panthers
David TepperCarolina Panthers
David TepperIndianapolis Colts
James IrsayMinnesota Vikings
Zygmunt WilfOakland Raiders
Mark DavisMiami Dolphins
Stephen RossSeattle Seahawks
Paul AllenDaniel Rooney Trust,Pittsburgh Steelers
Art Rooney IIBaltimore Ravens
Stephen BisciottiAtlanta Falcons
Arthur BlankGreen Bay Packers
Shareholder-ownedDenver Broncos
Pat Bowlen TrustPhiladelphia Eagles
Jerey LurieHouston Texans
Robert McNairNew York Jets
Johnson familyChicago Bears
McCaskey familyDenise DeBartolo York,San Francisco 49ers
John YorkWashington Redskins
Daniel SnyderLos Angeles Rams
Stanley KroenkeNew York Giants
John Mara, Steven TischNew England Patriots
Robert KraftDallas Cowboys
Jerry Jones479 %445%535%Team
Owner52 | FORBES ASIA OCTOBER 2018least 30%, and the maximum amount of
debt at the team level is $350 million. If a
team is sold for $2.3 billion, for example,
the minimum GP equity would be $585
million, assuming the GP has secured the
maximum amount of debt for the team.
In other words, it takes much more
than being a member of h e Forbes 400,
many of whose fortunes were made via
real estate or privately run companies.
It takes liquid wealth—lots of it.
One reason this has become an in-
creasingly large pill for one individual to
swallow is the contrast between the long-
term performance of the stock market
(a key source of liquid wealth) and NFL
franchise values. During the past 20 years,
team values have climbed almost nine-
fold—an 11.6% annual rate—versus just
4.5% for the S&P 500. Moreover, the NFL
permits no corporate ownership. League
rules stipulate a maximum of 24 limited
partners. In the example above, the LPs
would have to throw in $1.37 billion—and
get no say in how the team is run.
h e NFL’s requirements have been
ef ective. h e league has not had a team
in i nancial trouble because of too much
debt since 1999, when Art Modell agreed
to sell the Baltimore Ravens. h ere have
been no Los Angeles Dodgers, New Or-
leans Hornets or Arizona Coyotes i ascoes
in the NFL.
Already the biggest and most proi table
league in the world—the average team has
$427 million in revenue and $95 million in
operating income—the NFL will soon get
even richer. It can opt out of the Sunday
Ticket deal with AT&T’s DirecTV in 2019,
four years early. h e current deal, which
averages $1.5 billion a year, is worth 50%
more than the prior agreement.
Bidding for Sunday Ticket will be hot.
Amazon and Disney’s ESPN are likely to
be interested, given their push toward
streaming sports. Forbes’ best guess: h e
annual average value of the next Sunday
Ticket deal could be twice this one.
Dallas Cowboys owner Jerry Jones
recently said, “Legalized gambling is going
to increase the amount of time people
spend watching the NFL on TV and
online, and will therefore have a positive
impact on the value of our content.”
As a result, barring any changes in
ownership and i nancing rules, the schism
between the NFL’s economics and team
sale prices will probably widen. Which
isn’t necessarily a bad thing.
Enterprise value (equity plus net debt) of team based on current stadium deal (unless new stadium is pending).FRANCHISE VALUES
19982018 ($MIL)- AARON1. AARON
RODGERS
GREEN BAY PACKERSGREEN BGREEN BAY PACKERSCKERS
TOTAL EARNINGS:TOTAL EARNINGS: O AL EARNINGS:
$75.9 MIL
SALARY/BONUSES:AL /BONUSES:
$66.9 MIL$66.9 MIL
ENDORSEMENTS:ENDORSEMENTENDORSEMENTENDORSEMENTS:
$9 MIL $ - MATT RYAN
ATLANTA FALCONSA F
TOTAL EARNINGS:TOTAL EARNINGS: AL EARNINGS:
$$57.5 MIL
SALARY/BONUSES:/BONUSES:
$52.5 MIL
ENDORSEMENTS:ENDORSEMENTENDORSEMENTS:
$5 MIL$5 MIL
FORBES ASIA
SPORTSMONEY