Each transaction seems to set a new record for pro sports valuations. Where is the smart money going?
Every change in ownership seems to signal a new high-water mark for team valuations. Three factors are driving the overall increase in sport valuations:
Higher media deals: As sports have become among the last bastions of appointment viewing, advertiser demand has increased, and media distributors have bid up the price of sports programming across the board.
New investors: Multi-team conglomerates and private equity are among the new investment groups that have redefined sports as a premier asset class.
Expanding audiences: Whether it’s the WNBA attracting male fans or the NBA’s growing international following, the leagues are pushing into new potential sources for fan growth
The Golden State Warriors show what winning (and a new stadium) can do. The Warriors have seen their estimated value grow from approximately $4.3 billion in 2020 to $8.8 billion in 2025, an increase of $4.5 billion. The latest transfer of part ownership in the Chicago Bears put them at an enterprise valuation of $8.8 billion, setting a new record for the basis of an actual price paid for an NFL team. But that pales next to the estimated $12.8 billion valuation of the Dallas Cowboys, which makes them the most valuable sports franchise in the world.
A caveat before we go further is that valuation estimates are just that. Because most teams are private businesses, transactions happen relatively infrequently, and details are rarely shared, there is a boatload of assumptions that go into these numbers. The COVID period over these years may also be responsible for bigger shifts than might otherwise have happened. Tip of the hat to Sportico for doing much of the heavy lifting in trying to measure valuations on a consistent basis. To balance some of this imprecision, it may help to look at the league average rather than the overall teams.
The NFL’s 134% return over five years is remarkable compared to the roughly 84% gain in the S&P 500 over the same period. But the biggest might not be the best. If you look at how various league valuations have changed in the past five years, the smarter bets have been on the developing leagues. The percentage returns for WNBA and NWSL owners make the NFL’s rise look modest in comparison.
League | 2020 | 2025 | $ Growth | % Growth |
NFL | $3.05 billion | $7.13 billion | +$4.08 billion | 134% |
NBA | $2.12 billion | $4.6 billion | +$2.48 billion | 117% |
MLB | $1.91 billion | $2.82 billion | +$0.91 billion | 48% |
NHL | $667 million | $1.79 billion | +$1.12 billion | 168% |
MLS | $313 million | $678 million | +$365 million | 117% |
WNBA | $26 million | $269 million | +$243 million | 935% |
NWSL | $4.5 million | $65 million | +$60.5 million | 1344% |
In this view, Caitin Clark drove more value for her team and league than Steph Curry did for his. For potential new owners with shallower pockets, these numbers would indicate looking to MLV, PLL, and other rising sports for a higher return. As any financial veteran will tell you, increases like this can’t go on forever. But there’s no sign of it cooling off yet.