NFL teams still undervalued, Jaguars owner Khan says
Shad Khan says NFL franchises remain cheap relative to other sports leagues as private equity, richer media deals and community interest keep pushing valuations higher.
Jacksonville Jaguars owner Shad Khan says NFL franchises still look inexpensive when set against teams in other major sports leagues. Speaking in an interview with CNBC, he argued that the league’s mix of private capital, larger broadcast contracts and local fan engagement should keep valuations rising.
Valuations keep climbing
Khan bought the Jaguars for $770 million in 2011. CNBC now values the team at $9.35 billion, which implies an 18% annualized return over that period. On that pace, the franchise would be worth far more by 2041, though the path would depend on the same drivers that have lifted the market so far.
The broader NFL market has also moved sharply higher. CNBC’s 2026 team valuations put the average club at $10.36 billion, up 35% from a year earlier. Recent sales show how quickly prices have reset, with the Washington Commanders changing hands for $6.05 billion in 2023 and the Seattle Seahawks reportedly sold earlier this month for an NFL-record $9.61 billion.
What is pushing prices higher
A key measure behind the surge is the ratio of sale prices to revenue. The Denver Broncos sold for roughly nine times revenue, the Commanders for about 11 times, and the Seahawks for more than 14 times. That widening multiple suggests buyers are willing to pay more for scarcity, brand strength and league-wide economics than for current earnings alone.
The latest gains also reflect the growing role of private equity and institutional money in sports ownership. Larger media rights deals add another layer of support by expanding the cash flow base across the league. At the same time, teams are being marketed as long-term community assets, not just businesses measured on near-term profit.
Khan’s remarks come as the NFL continues to set the pace for franchise valuations across professional sports. The comparison with other leagues helps explain why owners and prospective buyers remain focused on the sector, even after years of rapid appreciation. For market participants, the message is that the NFL’s pricing power has not yet clearly peaked.
This article is not investment advice and recommends no asset, level or direction; a single session's move is not evidence of a trend. For background see Stocks, Bear Market, BIST 100, and for terms the finance glossary.
Frequently asked questions
Why does Shad Khan think NFL teams are undervalued?
He says NFL clubs remain cheap relative to teams in other professional leagues, helped by private equity, media rights growth and community value.
What does CNBC say the Jaguars are worth now?
CNBC values the Jacksonville Jaguars at $9.35 billion.
What recent sales highlight the rise in NFL valuations?
The Washington Commanders sold for $6.05 billion in 2023, and the Seattle Seahawks were sold earlier this month for $9.61 billion, both showing a sharp climb in prices.
Sources
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