The Cowboys Sold For $140 Million in 1989—They're Now Worth $12.8 Billion. Here's How That 9,000% Return Compares to Market Giants

Fri, Aug 15, 2025, 12:37 PM 3 min read

• The Dallas Cowboys are now valued at $12.8 billion, according to Sportico.

• Jerry Jones bought the team for $140 million in 1989, so he's earned a return of more than 9000%.

• That's similar to the gains for Walmart Inc. (WMT) and Berkshire Hathaway Inc. (BRK.A, BRK.B) over the same period, but far behind tech giants like Apple Inc. (AAPL) and Microsoft Corp. (MSFT).

The Dallas Cowboys topped the NFL's most valuable teams list, according to Sportico:

1. Dallas Cowboys: $12.8 billion

2. Los Angeles Rams: $10.43 billion

3. New York Giants: $10.25 billion

4. New England Patriots: $8.76 billion

5. San Francisco 49ers: $8.6 billion

Jerry Jones bought the Cowboys in 1989 for $140 million, over $370 million in today's dollars. Based on the new valuation, his investment has grown 9,042% from the initial $90 million cash outlay and $50 million loan.

Several companies with the largest market capitalizations on the market today hadn't even been started in 1989—Microsoft and Apple were the only members of the eventual Magnificent Seven that existed at the time. Tesla Inc. (TSLA), Meta Platforms Inc. (META), Amazon.com Inc. (AMZN), Nvidia Corp. (NVDA), and Google, now under parent company Alphabet Inc. (GOOGL), had not yet been founded.

Here's a look at how the Cowboys' 9,000% gain compares to the return some of the most important stocks today, like Microsoft and Apple, have delivered since February 1989, along with how some of the companies with the largest market caps at the time have performed since.

When applicable, stock prices have been adjusted to account for stock splits that have taken place in the decades since.

• Stock Return: 125,887%

• Aug. 13 Closing Price: $520.58

• February 1989 Price: $0.4132
  

• Stock Return: 71,982%

• Aug. 13 Closing Price: $233.33

• February 1989 Price: $0.3237

• Stock Return: 30,585%

• Aug. 13 Closing Price: $978.85

• February 1989 Price: $3.19

• Stock Return: 15,042%

• Aug. 13 Closing Price: $715,490.41

• February 1989 Price: $4,725

• Stock Return: 7,493%

• Aug. 13 Closing Price: $100.99

• February 1989 Price: $2.98

• Stock Return: 2,264%

• Aug. 13 Closing Price: $70.46

• February 1989 Price: $2.98

• Stock Return: 880%

• Aug. 13 Closing Price: $107.60

• February 1989 Price: $10.97

• Stock Return: 727%

• Aug. 13 Closing Price: $240.07

• Feb. 1989 Price: $29.01

• Stock Return: 245%

• Aug. 13 Closing Price: $28.4

• Feb. 1989 Price: $8.23
  

Jerry Jones turned a $140 million bet on the Dallas Cowboys in 1989 into a $12.8 billion empire—one of the most lucrative investments in sports history. His 9,000% return rivals the long-term gains of giants like Walmart and Berkshire Hathaway, but is still dwarfed by the explosive gains of tech titans such as Microsoft and Apple.

Read the original article on Investopedia