Despite an unrelenting surge in NFL team valuations, Jacksonville Jaguars owner Shad Khan has confidently declared in an exclusive CNBC interview that the price of professional football franchises remains significantly undervalued compared to other major sports leagues.
“I think the run-up for NFL is almost endless,” Khan stated, underscoring his profound belief in the league's sustained growth potential.
Khan attributes this seemingly limitless appreciation to a powerful trifecta: the increasing involvement of private equity, the continuous expansion of lucrative media deals, and the league's dedicated efforts in community building. These factors, he argues, will collectively propel league valuations to unprecedented heights. Demonstrating this trend, Khan acquired the Jacksonville Jaguars in 2011 for $770 million. Today, CNBC estimates the team's worth at a staggering $9.35 billion, reflecting an impressive 18% annualized return. Should this rate of appreciation continue, the Jaguars could be valued at an astonishing $112 billion by 2041.
Khan’s insights arrive as NFL team valuations soar across the board. According to CNBC's Official NFL Team Valuations for 2026, the average NFL franchise is now valued at $10.36 billion—a substantial 35% increase year-over-year. This dramatic climb is evident in recent transactions: the Washington Commanders fetched $6.05 billion in 2023, a 30% premium over the Denver Broncos' sale in 2022. Earlier this month, the Seattle Seahawks set a new NFL record, selling for $9.61 billion, an remarkable 59% more than the Commanders commanded just three years prior.
A critical driver behind these escalating valuations is the continuous increase in NFL teams' sale price-to-revenue multiples, indicating investors' heightened eagerness to own a stake in these prestigious assets. The Broncos were acquired at approximately nine times revenue, the Commanders at around 11 times, and the Seahawks' multiple surpassed 14. Analysts suggest these multiples have yet to peak.
Comparatively, NBA teams also reflect this trend; Mark Walter is reportedly looking to sell the Los Angeles Lakers to Joshua Kushner and Bob Iger for $12.5 billion, a valuation roughly 20 times revenue. The NFL, however, often boasts greater profitability than the NBA and consistently dominates television ratings. Furthermore, approximately one-third of the league’s teams are either constructing new stadiums or undertaking significant renovations, further bolstering revenue growth. The league is also vigorously expanding its global footprint, with a record nine international games scheduled this season and ten planned for 2027.
“The big story is that the NFL is still greatly undervalued,” Khan reiterated. When directly questioned about the possibility of an NFL team surpassing a $100 billion valuation, Khan responded without hesitation: “It's going to be a big number.”
Jaguars owner Shad Khan discusses why he believes NFL teams remain undervalued. (Source: CNBC)
