NFL 2023

The annual report on the most valuable and strongest NFL brands

Brand Finance NFL 2023

The Dallas Cowboys Are Once Again the Most Valuable NFL Brand

  • The Dallas Cowboys maintain their position as the most valuable NFL brand with a brand value of USD2.3 billion
  • Surging franchise values lead to USD16.7 billion estimate for the Dallas Cowboys business
  • The Los Angeles Chargers surge into the top 10 following a 45% brand value increase
  • Kansas City’s Super Bowl victory leads to impressive brand strength gain

With a brand value of USD2.3 billion, the Dallas Cowboys maintain their position as the most valuable NFL brand, significantly outpacing the second ranked Los Angeles Rams, whose brand value stands at USD1.2 billion. Notably, the Cowboys are also the most valuable sports brand in the world, ahead of English Premier League soccer team Manchester City FC (brand value USD1.6 billion).

The Dallas Cowboys' enterprise value has significantly surged this year. Transaction values are increasing at a rate well beyond what has been seen before, with the USD6.05 billion Washington Commanders value now the benchmark for any US sports franchise. The revenue and profit multiples derived from that assessment suggest that the Dallas Cowboys should not reasonably be able to be purchased for less than an unprecedented 11 figure sum, with Brand Finance’s estimate at USD16.7 billion. The salary cap, and assured revenue and profitability in the NFL franchise business model work to reduce risk and mean that the commercial power of the Dallas Cowboys supercharges the valuation.

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 10,000 sports fans worldwide. Brand strength is what attracts fans, players, investors, and sponsors to engage with the club, delivering commercial value through higher revenues, prices, especially for sponsorship, higher growth, and sponsors, reducing risks to profitability related to weak on pitch performance.

This year, the Cowboys are also the strongest NFL brand, boasting a Brand Strength Index (BSI) score of 82.9 out of 100. The 91-acre all-Cowboys campus, aptly known as ‘The Star,’ encompasses team headquarters, practice facilities, and offices. Beyond symbolizing their success, The Star serves as a pivotal hub for fortifying corporate connections, housing the global headquarters of the iconic beverage brand Dr Pepper on-site. It also actively nurtures community engagement, ultimately contributing positively to the team’s brand strength.

Hugo Hensley, Head of Sports Services, Brand Finance commented:

“Despite the Dallas Cowboys not winning a Super Bowl for almost three decades, what sets the team apart from other NFL brands is their remarkable off-field positioning. Under the leadership of Jerry Jones since 1989, ‘America’s team’ have excelled in building a strong brand, attracting fans, and securing sponsorships. These factors are reflected in the brand and business valuations.”

The Los Angeles Chargers surge into the top 10 following a 45% brand value increase

Following an impressive 45% brand value growth to USD921 million, the Los Angeles Chargers have jumped 17 spots to number 6. Since their relocation to Los Angeles from San Diego in 2017 and their shared residency at the state-of-the-art SoFi Stadium, the team's business has thrived, demonstrating substantial growth, even in the face of initial fan controversies surrounding the move.

Kansas City’s Super Bowl victory leads to impressive brand strength gain

Since clinching the victory over the Philadelphia Eagles (brand value USD850 million) in the 2023 Super Bowl final, the Kansas City Chiefs (brand value USD919 million) have recorded an impressive 4.8-point increase in their BSI score to secure the position as the second strongest NFL brand in the ranking.

Alfred DuPuy, Valuation & Strategy Director, Brand Finance North America, commented:

“The Kansas City Chiefs, whose brand received a significant boost after their Super Bowl victory earlier this year, are now gaining attention not just for their on-field success but very recently due to the relationship between player Travis Kelce and global superstar Taylor Swift. This has not only resulted in a substantial increase in Kelce's social media followers but has also driven a notable uptick in merchandise sales and greater brand visibility. These developments may contribute to a continued strengthening of the brand in the coming year.”