This Thursday morning, Forbes released its yearly compilation of the 50 most valuable sports franchises across the globe.

As expected, the Dallas Cowboys secured the number one position for the ninth year in a row, boasting a valuation exceeding $10 billion — marking the first franchise ever to achieve this milestone. In fact, they are the only team valued over $9 billion.

The NFL was the clear leader in this year’s rankings, with 29 of its 32 teams making the list. The only teams that didn’t make the cut were the Detroit Lions, Buffalo Bills, and Cincinnati Bengals, with the Bills having appeared on last year’s list.

Interestingly, soccer clubs were underrepresented. Only seven teams made the top 50, with the most valuable among them, Real Madrid, sitting just outside the top 10 at No. 12, valued at $6.6 billion, equal to the Philadelphia Eagles. However, seven European soccer teams outnumbered the three Major League Baseball (MLB) teams included.

Here’s what you should know about Forbes’ latest rankings.

Forbes’ Most Valuable Sports Teams of 2024

1. Dallas Cowboys – $10.1 billion
2. Golden State Warriors – $8.8 billion
3. Los Angeles Rams – $7.6 billion
4. New York Yankees – $7.55 billion
5. New York Knicks – $7.5 billion
6. New England Patriots – $7.4 billion
7. New York Giants – $7.3 billion
8. Los Angeles Lakers – $7.1 billion
9. New York Jets – $6.9 billion
10. San Francisco 49ers – $6.8 billion
11. Las Vegas Raiders – $6.7 billion
12. Philadelphia Eagles – $6.6 billion
13. Real Madrid – $6.6 billion
14. Manchester United – $6.55 billion
15. Chicago Bears – $6.4 billion
16. Washington Commanders – $6.3 billion
17. Miami Dolphins – $6.2 billion
18. Houston Texans – $6.1 billion
19. Boston Celtics – $6 billion
20. FC Barcelona – $5.6 billion
21. Green Bay Packers – $5.6 billion
22. Denver Broncos – $5.5 billion
23. Los Angeles Clippers – $5.5 billion
24. Los Angeles Dodgers – $5.45 billion
25. Seattle Seahawks – $5.45 billion
26. Tampa Bay Buccaneers – $5.4 billion
27. Liverpool F.C. – $5.37 billion
28. Pittsburgh Steelers – $5.3 billion
29. Atlanta Falcons – $5.2 billion
30. Cleveland Browns – $5.15 billion
31. Los Angeles Chargers – $5.1 billion
32. Manchester City – $5.1 billion
33. Minnesota Vikings – $5.05 billion
34. Baltimore Ravens – $5 billion
35. Bayern Munich – $5 billion
36. Chicago Bulls – $5 billion
37. Houston Rockets – $4.9 billion
38. Tennessee Titans – $4.9 billion
39. Kansas City Chiefs – $4.85 billion
40. Brooklyn Nets – $4.8 billion
41. Indianapolis Colts – $4.8 billion
42. Dallas Mavericks – $4.7 billion
43. Jacksonville Jaguars – $4.6 billion
44. Philadelphia 76ers – $4.6 billion
45. Boston Red Sox – $4.5 billion
46. Carolina Panthers – $4.5 billion
47. New Orleans Saints – $4.4 billion
48. Paris Saint-Germain – $4.4 billion
49. Toronto Raptors – $4.4 billion
50. Arizona Cardinals – $4.3 billion
51. Phoenix Suns – $4.3 billion

Why Aren’t More Soccer Teams Included?

Forbes points out that even though soccer enjoys a broader international appeal, “the commercialization of American professional sports remains unmatched.” On average, an NBA franchise earns around $230 million annually from television deals, while an NFL team averages $380 million. For context, one of the top European clubs, Atletico Madrid, reported total revenue of $382 million last year, ranking them as the 13th most valuable soccer club worldwide according to Forbes.

Rising Franchise Values in Recent Years

The popularity of professional sports continues to grow year after year. In 2024, the average value of the teams in the top 50 increased from $5.12 billion to $5.78 billion, reflecting a nearly 13% rise. Back in 2015, the average valuation for each team in this group was only $1.76 billion.

The NFL, in particular, has seen substantial growth. A decade ago, merely eight NFL teams were among the top 50, and the leading positions were held by European soccer teams, but American franchises have substantially increased their global market presence in recent years.

Which Team Improved the Most Since Last Year?

The most significant increase in franchise value between 2023 and 2024 went to the Tampa Bay Buccaneers, which saw a remarkable 29% rise this year. Last year, they were ranked 37th on Forbes’ list, but they have now moved up to 26th place.

Only four other teams have seen similar growth.

In the past year, several teams within the top-50 have experienced remarkable growth exceeding 20%: the Los Angeles Chargers at 23%, Brooklyn Nets at 25%, Green Bay Packers at 22%, and Boston Celtics at 28%.