The Dallas Cowboys, valued at $15.05 billion, are not pursuing ownership of additional sports franchises despite receiving opportunities to diversify their holdings. Cowboys co-owner and Chief Operating Officer Stephen Jones said the team operates on a "football only" approach, requiring constant attention and focus to grow the brand.
This position separates the Cowboys from more than half of the NFL's ownership class. Many team owners hold stakes in other major U.S. sports leagues or European soccer clubs, seeking cost efficiencies and shared resources across billion-dollar portfolios.
Stan Kroenke is pursuing an agreement to buy the Los Angeles Angels, which would make him the first person to control teams across all five major U.S. leagues. Kroenke's existing portfolio includes the Denver Nuggets, Los Angeles Rams, Colorado Avalanche, Colorado Rapids, and English soccer club Arsenal.
Jones acknowledged Kroenke's "amazing platform" but said the Cowboys approach business "a little different."
The Cowboys' financial dominance supports their focused strategy. The team generates $1.3 billion in annual revenue, the highest in U.S. sports. Local revenue surpasses the Los Angeles Rams, the next closest NFL team, by 70 percent. EBITDA stands at $510 million, more than double the Rams.
The franchise has generated revenue through creative sponsorship deals incorporating equity stakes or presence at The Star, the team's $2 billion practice facility development in Frisco, Texas. The Cowboys hold an equity stake in SeatGeek from a 2018 partnership with the ticketing startup. Omni, the official hotel partner, operates a hotel at The Star.
The Jones family's sole sports diversification proved instructive. In 2017, they bought a majority stake in esports organization Complexity, which occupied space in The Sphere. The team sold in 2021 for $26.7 million, granting the family equity in parent company GameSquare. Complexity sold again in 2024. GameSquare shares have declined approximately 98 percent over five years.
