CNBC's Official NFL Team Valuations are current enterprise values — equity plus net debt — calculated using revenue multiples and include the economics of the team's stadium, including non-NFL revenue that accrues to the team's owner. The valuations do not include the value of the stadium real estate itself.
Revenue multiples are based on historical control transaction prices, such as the $6.05 billion sale of the Washington Commanders in 2023, at 11-times expected revenue, and the $4.65 billion sale of the Denver Broncos in 2022 at 8.8-times revenue. Purchase prices take into account payment structure and the value of a deal over time.
CNBC team values exclude other businesses related to the teams with separate financial statements such as Patriot Place, an open-air shopping center built around Gillette Stadium and owned by Robert Kraft, who also owns the New England Patriots.
Values are adjusted for teams whose stadium economics are going to improve soon, such as the Tennessee Titans, who are scheduled to move into a new building in 2027.
Revenue and EBITDA figures are for the 2023 season. CNBC presents revenue and operating income figures on a cash basis, rather than an accrual basis. Nonrecurring items are normalized to better represent a team's economics. For example, if a team were to get a one-time payment from a stadium naming rights partner of $20 million to opt out of an agreement four years early, that would be included as $5 million of revenue for the team over four years.
CNBC deducts cost of goods sold from merchandise sales for the Green Bay Packers, Las Vegas Raiders and Pittsburgh Steelers. EBITDA figures are calculated on a controlled basis, meaning associate/affiliate income is excluded. Likewise, CNBC excludes the market value of affiliates/equity method investments to ensure consistent enterprise value-to-revenue and enterprise value-to-EBITDA multiples. Debt figures are the latest available and include both team debt and stadium debt.
Sources for CNBC's Official NFL Team Valuations include team owners, investors and executives, sports bankers and league consultants; public documents such as stadium lease agreements, stadium authority budgets and audits and credit rating reports; and sponsorship and broadcasting industry executives.
Money Report
Figures that could not be confirmed with sources are CNBC estimates. Some figures used in the calculation of values may be approximate.
Check out the full list of CNBC's Official 2024 NFL Team Valuations.
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