America’s Richest Sports Team Owners 2023
- 6 months ago
When Jerry Jones bought the Dallas Cowboys in 1989, he spent $150 million on a franchise then-considered to be a financial mess. “I didn't sleep,” he told Forbes of that time of his life. But the gamble paid off. Jones turned around America’s Team, won three Super Bowls and transformed the Cowboys into the most valuable sports franchise on the planet, worth an estimated $9 billion.
In 2004, the team also made Jones a billionaire, ten years after he first appeared on The Forbes 400, which ranks the wealthiest Americans. The rapid appreciation of sports franchises— the average value of teams in the four major American leagues has risen nearly 1,300% from 1998 to 2022—has had a similar effect on several wealthy owners who bought in years ago, including the New England Patriots’ Robert Kraft and the Indianapolis Colts’ Jim Irsay. That’s unlikely to happen again.
Today, purchasing a controlling stake in these trophy assets is reserved for a select few—the richest of the ultra-rich. Take Rob Walton, the 78-year-old son of Walmart’s late cofounder, Sam Walton (d. 1992), who ranks 13th on The Forbes 400 with an estimated $67.4 billion, largely in Walmart stock. He flexed his purchasing power last year, outbidding several other multi-billionaires to pick up the Denver Broncos for $4.65 billion, then the highest price ever paid for a sports team.
Of America’ richest sports owners, 16 attribute more than 50% of their fortunes to sources beyond their teams. Leading the charge as the wealthiest owner, for the ninth consecutive year, is Los Angeles Clippers owner Steve Ballmer, No. 9 on The Forbes 400 with an estimated net worth of $101 billion. Like Walton, most of Ballmer’s fortune is tied up in the public markets, specifically Microsoft stock. The same goes for Rocket Companies founder and Cleveland Cavaliers owner Daniel Gilbert, No. 3 among sports owners with an estimated $21.3 billion fortune. The next-richest owners—David Tepper ($20.6 billion), who owns the Carolina Panthers and Charlotte FC, and Steve Cohen ($19.8 billion), who owns the New York Mets—built and continue to grow their wealth through their hedge funds.
And for as difficult as it is to buy a major sports team, it’s even harder to rank among the 20 richest owners. Mat Ishbia, the 43-year-old CEO of United Wholesale Mortgage who’s worth an estimated $6.7 billion, bought the Phoenix Suns earlier this year at a league-record $4 billion valuation. Over in the NFL, private equity billionaire Josh Harris, worth an estimated $6.9 billion, made a similar statement when he led the most expensive purchase in sports history this summer, buying the Washington Commanders for $6.05 billion. Yet both fall short of the $7.2 billion cutoff needed to be one of the 20 wealthiest people in an owner’s box.
In 2004, the team also made Jones a billionaire, ten years after he first appeared on The Forbes 400, which ranks the wealthiest Americans. The rapid appreciation of sports franchises— the average value of teams in the four major American leagues has risen nearly 1,300% from 1998 to 2022—has had a similar effect on several wealthy owners who bought in years ago, including the New England Patriots’ Robert Kraft and the Indianapolis Colts’ Jim Irsay. That’s unlikely to happen again.
Today, purchasing a controlling stake in these trophy assets is reserved for a select few—the richest of the ultra-rich. Take Rob Walton, the 78-year-old son of Walmart’s late cofounder, Sam Walton (d. 1992), who ranks 13th on The Forbes 400 with an estimated $67.4 billion, largely in Walmart stock. He flexed his purchasing power last year, outbidding several other multi-billionaires to pick up the Denver Broncos for $4.65 billion, then the highest price ever paid for a sports team.
Of America’ richest sports owners, 16 attribute more than 50% of their fortunes to sources beyond their teams. Leading the charge as the wealthiest owner, for the ninth consecutive year, is Los Angeles Clippers owner Steve Ballmer, No. 9 on The Forbes 400 with an estimated net worth of $101 billion. Like Walton, most of Ballmer’s fortune is tied up in the public markets, specifically Microsoft stock. The same goes for Rocket Companies founder and Cleveland Cavaliers owner Daniel Gilbert, No. 3 among sports owners with an estimated $21.3 billion fortune. The next-richest owners—David Tepper ($20.6 billion), who owns the Carolina Panthers and Charlotte FC, and Steve Cohen ($19.8 billion), who owns the New York Mets—built and continue to grow their wealth through their hedge funds.
And for as difficult as it is to buy a major sports team, it’s even harder to rank among the 20 richest owners. Mat Ishbia, the 43-year-old CEO of United Wholesale Mortgage who’s worth an estimated $6.7 billion, bought the Phoenix Suns earlier this year at a league-record $4 billion valuation. Over in the NFL, private equity billionaire Josh Harris, worth an estimated $6.9 billion, made a similar statement when he led the most expensive purchase in sports history this summer, buying the Washington Commanders for $6.05 billion. Yet both fall short of the $7.2 billion cutoff needed to be one of the 20 wealthiest people in an owner’s box.