Cowboys Again Rank As Forbes' Most Valuable Franchise In NFL

Cowboys Top Forbes' NFL Valuations At $1.65B

ECONOMY SLOWING DOWN LEAGUE: Forbes National Editor Mike Ozanian: "The biggest problem for the NFL is the economy. And to a lesser degree, the slowdown in the stadium boom." Ozanian predicted that the $1.3B Giants/Jets Meadowlands stadium is "probably the last new NFL facility for the near future because of the economy" (N.Y. DAILY NEWS, 9/3). But USA TODAY's Michael Hiestand wrote, "Breathe easy: It will take more than this recession for any NFL owner's private jet to go wheels-up without enough Grey Poupon onboard" (USA TODAY, 9/3).

NFL BILLIONAIRES: Cowboys Owner Jerry Jones ranks atop the list of NFL billionaires, and FORBES' Steven Bertoni wrote he "might be football's best businessman." Jones bought the Cowboys for $150M in '89 "with the multimillion-dollar fortune he made from natural gas drilling in the 1970s," and his return on investment net of debt is 865% based on the team's current value of $1.45B after accounting for debt. Meanwhile, Patriots Owner Bob Kraft "has created both a NFL dynasty and a billion-dollar fortune." Kraft bought the team for $172M in '94, and the team now is worth $1.08B net of debt, a 530% return. Eagles Owner Jeffrey Lurie bought his team for $185M in '94, and the Eagles now are worth $943M net of debt for a 385% return on investment (FORBES.com, 9/2).

TEAM NOTES: In Cleveland, Bill Lubinger noted the Browns rank No. 13 with an estimated value of $1.03B, and while the value is "unchanged from last year," it has "almost doubled since the franchise was acquired." Late Browns Owner Al Lerner bought the team for $530M in '98. Browns President Mike Keenan "wouldn't discuss team finances and said franchise value is really an unknown until it changes hands." Keenan: "You have to find someone willing to buy the team, and the Browns aren't for sale" (Cleveland PLAIN DEALER, 9/3)....In Green Bay, Richard Ryman noted the Packers have the "lowest debt-to-value ratio in the league" at 2%. The Jets and Giants "are the highest," at 68% and 55%, respectively. The Cowboys rank No. 3 at 39%. Ryman wrote a "significant reason for the Packers' low debt ratio is that the $295[M] renovation of Lambeau Field was largely paid for by a 0.5[%] sales tax in Brown County" (MILWAUKEE JOURNAL SENTINEL, 9/3).

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