The Official 2024 NFL Team Valuations: How CNBC Calculated Them

The official NFL team valuations from CNBC are calculated using revenue multiples and include the economic impact of the stadium, but exclude the value of the stadium real estate.

Revenue multiples are calculated using 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. However, purchase prices also consider payment structure and the long-term value of a deal.

The CNBC team does not include other businesses that are financially separate from the teams, such as Patriot Place, an open-air shopping center owned by Robert Kraft, who also owns the New England Patriots.

Teams with upcoming stadium improvements, such as the Tennessee Titans, will have their stadium economics adjusted.

The revenue and EBITDA figures for the 2023 season are presented by CNBC on a cash basis, rather than an accrual basis. Nonrecurring items are normalized to provide a more accurate representation of a team's economics. For instance, if a team receives a one-time payment of $20 million from a stadium naming rights partner 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 adjusts merchandise sales figures for the Green Bay Packers, Las Vegas Raiders, and Pittsburgh Steelers by subtracting the cost of goods sold. EBITDA calculations are based on a controlled basis, excluding associate/affiliate income. Additionally, CNBC excludes the market value of affiliates/equity method investments to maintain consistent enterprise value-to-revenue and enterprise value-to-EBITDA multiples. Debt figures are the most recent and include both team debt and stadium debt.

The valuations of NFL teams are determined by team owners, investors, executives, sports bankers, league consultants, public documents such as stadium lease agreements, stadium authority budgets and audits, and credit rating reports, as well as sponsorship and broadcasting industry executives.

Some figures used in the calculation of values may be approximate, and CNBC estimates were used for figures that could not be confirmed with sources.