:max_bytes(150000):strip_icc()/cowboysvalue-cf05f64ccda342bfa29029186f3a98f8.jpg "The Cowboys Have Surged 9,000% in Value Since 1989 to .8B, But That’s Just a Fraction of The Return From Apple, Microsoft")
:max_bytes(150000):strip_icc():format(jpeg)/cowboysvalue-cf05f64ccda342bfa29029186f3a98f8.jpg)
Key Takeaways
- The Dallas Cowboys are now valued at $12.8 billion, according to Sportico.
- Jerry Jones bought the team for $140 million in 1989, so he’s earned a return of more than 9,000%.
- That’s similar to the gains for Walmart (WMT) and Berkshire Hathaway (BRK.A, BRK.B) over the same period, but far behind tech giants like Apple (AAPL) and Microsoft (MSFT).
The Dallas Cowboys once again topped the NFL’s most valuable teams list in a pair of lists released by Sportico last month, and another from CNBC on Thursday. Here’s the top five most valuable, per Sportico’s valuations:
- Dallas Cowboys: $12.8 billion
- Los Angeles Rams: $10.43 billion
- New York Giants: $10.25 billion
- New England Patriots: $8.76 billion
- San Francisco 49ers: $8.6 billion
Jerry Jones bought the Cowboys in 1989 for $140 million, over $360 million in today’s dollars. Based on the new valuation, his investment has grown 9,042% from the initial $90 million cash outlay and $50 million loan.
Several companies with the largest market capitalizations on the market today hadn’t even been started in 1989—Microsoft and Apple were the only members of the eventual Magnificent Seven that existed at the time. Tesla (TSLA), Meta Platforms (META), Amazon (AMZN), Nvidia (NVDA), and Google, now under parent company Alphabet (GOOGL), had not yet been founded.
Here’s a look at how the Cowboys’ 9,000% gain compares to the return some of the most important stocks today, like Microsoft and Apple, have delivered since February 1989, along with how some of the companies with the largest market caps at the time have performed since.
When applicable, stock prices have been adjusted to account for stock splits that have taken place in the decades since.
Microsoft (MSFT)
- Stock Return: 122,835%
- Sept. 4 Closing Price: $507.97
- February 1989 Price: $0.4132
Apple (APPL)
- Stock Return: 73,974%
- Sept. 4 Closing Price: $239.78
- February 1989 Price: $0.3237
Costco Wholesale (COST)
- Stock Return: 29,865%
- Sept. 4 Closing Price: $955.90
- February 1989 Price: $3.19
Berkshire Hathaway (Class A Shares)
- Stock Return: 15,980%
- Sept. 4 Closing Price: $759,798
- February 1989 Price: $4,725
Walmart (WMT)
- Stock Return: 7,488%
- Sept. 4 Closing Price: $100.93
- February 1989 Price: $1.33
Coca-Cola Co. (KO)
- Stock Return: 2,190%
- Sept. 4 Closing Price: $68.25
- February 1989 Price: $2.98
ExxonMobil Corp. (Exxon Corp. in Feb. 1989; XOM)
- Stock Return: 924%
- Sept. 4 Closing Price: $112.40
- February 1989 Price: $10.97
International Business Machines Corporation (IBM)
- Stock Return: 752%
- Sept. 4 Closing Price: $247.18
- Feb. 1989 Price: $29.01
AT&T (T)
- Stock Return: 259%
- Sept. 4 Closing Price: $29.58
- Feb. 1989 Price: $8.23
The Bottom Line
Jerry Jones turned a $140 million bet on the Dallas Cowboys in 1989 into a $12.8 billion empire—one of the most lucrative investments in sports history. His 9,000% return rivals the long-term gains of giants like Walmart and Berkshire Hathaway, but is still dwarfed by the explosive gains of tech titans such as Microsoft and Apple.
