Forbes unveiled its list of the most valuable NFL teams in 2022 — and the Dallas Cowboys lead the group at a world-record $8 billion. 

The NFL’s 32 teams are now worth an average of $4.47 billion — a 28% increase year-over-year — behind increased revenue due to the league’s popularity and ability to garner expensive deals. 

• Owned by Jerry Jones, the Cowboys’ valuation is up 23% compared to last year.
• The Robert Kraft-owned New England Patriots are the second-most valuable in the NFL with a $6.4 billion valuation.
• Stan Kroenke’s Los Angeles Rams are the third-most valuable at $6.2 billion, a 29% increase year-over-year.
• The New York Giants, owned by John Mara and Steven Tisch, round out the top four with a $6 billion valuation. 

The league also benefited from the record sale of the Denver Broncos earlier this month.

NFL owners approved the Broncos’ $4.65 billion sale to an ownership group led by Walmart heir Rob Walton. The previous record sale was $2.2 billion for the Carolina Panthers in 2018.

Expanding Reach

In July, the NFL launched its direct-to-consumer streaming service NFL+, which includes local and prime-time games “among other features” for $4.99 or $9.99 per month.

Manchester United’s owners are looking for at least $235 million in funding amid speculation that they could sell part or all of the iconic soccer team.

The Glazer family is looking for capital to make infrastructure improvements to the team’s Old Trafford stadium, including a capacity increase to 90,000. 

• A loan or stake sale have both been discussed, and potential investors are likely to offer funds in exchange for a percentage of the team’s media rights, per The Times.
• Earlier this month, FC Barcelona sold a 24.5% stake in its media rights to Orpheus Media for $102.6 million.
• A debt sale could be complicated by the team’s existing balance sheet. Under the Glazers, the club has paid $1.1 billion in interest and debt repayments, while the Glazers have collected $406 million in share sales, consulting fees, and dividends.

Private equity firm Apollo Global Management backed out of talks with Manchester United, but talks with others may be ongoing, per Bloomberg.

Glazer Furor

Fan groups organized protests prior to the team’s match against Liverpool on Monday night, calling on the Glazers to sell. Fan group The 1958 is boycotting the game and have pushed for fans to stop buying team merchandise and official packages. 

The Glazers would reportedly seek a record $5.9 billion at the very least, were they to sell the club. Members of the family have shown varying levels of commitment to owning the team — among the siblings, Joel Glazer is reportedly the most attached to keeping it.

Deutsche Bank AG has reportedly been hired to lead the possible sale of a package of media rights for German soccer’s governing body.

It’s unclear how big the sale would be, but Bloomberg reported that the German Football League (DFL) is considering selling up to 20% — which reportedly could be worth $18 billion — of its media unit that includes domestic and international broadcasting rights.

The body is also considering loans and other strategic investment ideas.

Around 10 private equity firms are expected to present their growth strategies as early as September, with CVC Capital Partners reportedly among those interested.

• In March, CVC acquired a 13% stake in Ligue 1’s media rights for roughly $1.6 billion.
• Last year, La Liga agreed to sell CVC an 8% stake in its own media company for $2.3 billion.

The DFL terminated plans last year to sell a 25% stake in its overseas broadcasting rights following pushback from Bundesliga clubs.

Deutsche Bank AG will work with Nomura Holdings during the process.

Why Worry?

Bundesliga and Bundesliga 2 reported a 10.5% decline in sales to $4.5 billion during the 2020-21 season, with ticket sales falling 95% compared to the last pre-pandemic season. Bundesliga is also in the middle of a four-year, $4.9 billion domestic broadcasting deal with Sky and DAZN, a decline in value from its previous deal.

In April, DFL CEO Donata Hopfen said “new avenues” would need to be explored to “make German professional football future-proof.”