Forbes estimates value of Green Bay Packers at $4.25 billion, a 22% increase from last year

Richard Ryman
Green Bay Press-Gazette

GREEN BAY – Forbes says the value of the Green Bay Packers increased 22% during the last year, reaching $4.25 billion.

The value of every other NFL team increased as well, resulting in the Packers falling from 13th in the league to 15th.

The Dallas Cowboys retained their perennial No. 1 ranking. Forbes estimated the Cowboys are worth $8 billion, despite having not won or even played in a Super Bowl since 1995. That also makes the Cowboys the most value sports franchise in the world.

"Teams that can leverage their brands and stadiums to increase luxury suite, sponsorship, hospitality and non-NFL-event revenue the most will typically be worth more," Forbes reported.

Among the ways the Cowboys leveraged their position was with a 10-year, $200 million deal with Molson Coors and more than $220 million in stadium advertising and sponsorship revenue, more than double that of any other team.

Aaron Jones #33 of the Green Bay Packers evades Jaylon Smith #54 and Robert Quinn #58 of the Dallas Cowboys in the fourth quarter at AT&T Stadium on October 06, 2019 in Arlington, Texas.

Rounding out the top five NFL franchises were the New England Patriots at $6.4 billion, the Los Angeles Rams at $6.2 billion, the New York Giants at $6 billion and the Chicago Bears at $5.8 billion.

Forbes annually estimates the value of NFL franchises, based on information from team executives, sports bankers and league consultants, public documents such as stadium lease agreements and credit rating reports, and sponsorship and broadcasting industry executives. The Packers, for example, are the only NFL team that publishes its financial results, and that provides a look into the amount teams get from revenue sharing, which is mostly media revenue. Forbes said media contracts account for 61% of league revenue.

The average value of NFL franchises is $4.47 billion, a 28% year-over-year increase.

The Packers do not comment on the Forbes ranking, contending that the only way to know a team's value is for it to be sold, and the Packers are unlikely to ever be in that position.

The value of one team on this year's list is definitively known. The Denver Broncos were sold this year for a record $4.65 billion.

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"Investors have come to realize that the league’s revenue growth (31% over the past five years), salary cap (48% of revenue) and mouth-watering profitability (average operating income of $146 million in 2021) command more respect," Forbes reported.

The difference between the Cowboys and the Packers, and everyone else, is that Dallas made an estimated $1 billion in revenue, compared to Green Bay's $579 million listed in the team's annual report.

And that says everything about how the NFL makes it possible for every team to remain competitive, regardless of their revenue amount. Former Packers president Bob Harlan and former treasurer John Underwood always contended that revenue sharing, the salary cap and stadium revenue were the elements critical to the Packers remaining competitive, despite being the smallest market in the NFL.

Contact Richard Ryman at (920) 431-8342 or rryman@gannett.com. Follow him on Twitter at @RichRymanPG, on Instagram at @rrymanPG or on Facebook at www.facebook.com/RichardRymanPG/.