How Jerry Jones Turned the Dallas Cowboys into a $11 Billion NFL Powerhouse

When Jerry Jones purchased the Dallas Cowboys for $150 million in 1989, the team was struggling financially, losing $1 million each month with empty seats at Texas Stadium. Fast forward 35 years, and the Cowboys are now worth a staggering $11 billion—$3 billion more than any other NFL team, according to the latest valuations.

In the early days, Jones faced the challenge of transforming a financially troubled franchise. He made bold decisions, including firing legendary coach Tom Landry and hiring his former Arkansas teammate, Jimmy Johnson. Jones also executed a significant trade involving Herschel Walker, which provided the team with crucial draft picks and players like Emmitt Smith.

By 1992, the Cowboys clinched the Super Bowl, followed by victories in 1993 and 1995. Off the field, Jones innovated with revenue strategies, capitalizing on stadium sponsorships. He was the first NFL owner to secure individual sponsorships, signing deals with American Express, Pepsi, and Nike. His forward-thinking approach also extended to the team’s stadium. When the Cowboys moved into AT&T Stadium in 2009, Jones negotiated a $20 million annual deal with AT&T and later extended his deal with Molson Coors for $200 million.

Despite not having won a Super Bowl since 1995, the Cowboys remain a top contender with consistently full seats and suites. Jones has also maximized revenue from non-football events at AT&T Stadium, further boosting the team’s value. The Cowboys’ sponsorship revenue is expected to hit $250 million this year, surpassing that of any other NFL team by $50 million.

Jones’ leadership has set a new standard for NFL ownership, making the Cowboys a lucrative and influential franchise. Under his tenure, the Cowboys’ value has increased 73-fold, outpacing the 18-fold increase of the S&P 500 over the same period.