The Cowboys' value increased from a monthly loss of $1 million to becoming the most valuable NFL team, worth $11 billion.

• The Dallas Cowboys, bought by Jerry Jones 35 years ago, are now worth $11 billion, $3 billion more than any other NFL team, according to CNBC's Official 2024 NFL Team Valuations.
• Jones' bold moves on the path to profits have set new standards for league ownership and delivered a massive return on his investment.

In 1989, when Jerry Jones purchased the Dallas Cowboys for $150 million, the team was losing $1 million per month, as stated by Jones.

In the past, there were numerous vacant seats and suites at Texas Stadium. The oilman had borrowed every cent he could to purchase the Cowboys, so he had to act quickly - both on and off the field - to turn the team into a profit.

And he did.

In 2023, the Cowboys generated $1.2 billion in revenue, $400 million more than the second-place Los Angeles Rams, while also being the most profitable NFL team with an EBITDA of $550 million, $300 million more than the second-most profitable team, the New England Patriots, according to CNBC's rankings.

Jones' bold moves on the path to profits have set new standards for league ownership and delivered a massive return on his investment.

In 1989, when Jones assumed leadership, he fired legendary coach Tom Landry and hired his former teammate from his Arkansas college football days, Jimmy Johnson. Additionally, he traded his best player, Herschel Walker, in a deal that brought the Cowboys four players and several draft picks, including Emmitt Smith and Darren Woodson.

In 1992, the Cowboys won the Super Bowl. They won again in 1993 and 1995 under the coaching of Barry Switzer.

Jones was the first NFL owner to secure his own sponsorship deals at Texas Stadium in 1995, which he did quickly off the field.

The Cowboys have benefited greatly from sponsorship agreements, with this year's revenue projected to reach $250 million, surpassing any other team by at least $50 million, according to sources.

Despite not appearing in the Super Bowl for 29 years, the Cowboys consistently make it to the playoffs, and their seats and suites are almost always occupied.

Despite not being used solely for football, the stadium is rarely empty. This year, Jones will host various events such as Monster Jam, a professional boxing match with Mike Tyson, the Big 12 college football championship game, high school football, and Professional Bull Riders. Unlike stadium sponsorships, Jones does not have to share any of this revenue with the other 31 NFL owners.

Jones, who is also the general manager of the Cowboys, has been criticized for not leading the team to the Super Bowl since 1995. However, there is no question that he created the economic blueprint for an NFL team. The Cowboys, valued at $11 billion, have increased in value by 73 times since Jones purchased the team, compared to just an 18-fold increase during the same period.