Despite the relentless rise in NFL team valuations, Jacksonville Jaguars owner Shad Khan told CNBC in an exclusive interview that NFL team prices remain undervalued compared to those of teams in other professional sports leagues.
“I think the run-up to the NFL is almost endless,” Kahn said.
Khan told CNBC that the league’s valuation will continue to rise due to a combination of private equity, expanding media deals and community building. Khan paid $770 million for the Jacksonville Jaguars in 2011, but CNBC currently values the team at $9.35 billion. This is an annualized return of 18%. If the Jaguars’ value continues to rise, the team will be worth $112 billion by 2041.
Khan’s comments come as the team’s ratings continue to rise. According to CNBC’s Official NFL Team Valuation for 2026, the average NFL team is now worth $10.36 billion, an increase of 35% year over year. This figure confirms the recent dramatic increase in sales prices. For example, the Washington Commanders sold for $6.05 billion in 2023, 30% more than the Denver Broncos sold for in 2022, and earlier this month, the Seattle Seahawks sold for an NFL record $9.61 billion, 59% more than the Commanders sold for just three years ago.
One of the big reasons valuations continue to rise is because NFL teams’ sales price-to-earnings multiples are rising. This is an indicator of how keen investors are to own a piece of the team. The Broncos earned about 9 times more. The Commanders’ comparable multiple was about 11x, and the Seahawks’ sales price-to-earnings multiple was more than 14x.
It is highly likely that the multiple has not exceeded the ceiling. Mark Walter wants to sell the Los Angeles Lakers to Joshua Kushner and Bob Iger for $12.5 billion, about 20 times their revenue. The NFL makes more money than the NBA and dominates television ratings. Additionally, about one-third of the league’s teams are adding new stadiums or making major renovations to existing stadiums to drive revenue growth. And the league continues to build its brand outside the United States with more international games, a record nine this season and 10 in 2027.
“The big story is that the NFL is still very underrated,” Khan said.
When asked directly whether the team could pass a $100 billion valuation, Khan didn’t flinch.
“That’s going to be a big number.”
