Jacksonville Jaguars owner Shad Khan believes NFL teams are still a bargain, even after a year in which the average franchise value jumped by more than a third.
In an exclusive interview with CNBC, Khan said the price of NFL teams remains undervalued relative to franchises in other major professional sports leagues, and he sees little sign of the run-up slowing.
“I think the run-up for NFL is almost endless,” Khan told CNBC.
Khan, who paid $770 million for the Jaguars in 2011, has seen the team’s value climb to $9.35 billion in CNBC’s latest estimates — an 18% annualized return. At that pace, the franchise would be worth $112 billion by 2041.
Valuations surge across the league
Khan’s comments come as sale prices and valuations hit new highs. According to CNBC’s Official NFL Team Valuations for 2026, the average NFL team is now worth $10.36 billion, up 35% from a year earlier.
Recent transactions highlight the acceleration. The Washington Commanders sold for $6.05 billion in 2023, 30% more than the Denver Broncos fetched in 2022. Earlier this month, the Seattle Seahawks sold for an NFL-record $9.61 billion — 59% above what the Commanders drew just three years prior.
One driver of the trend: investors are paying ever-higher multiples of revenue for teams. The Broncos went for about nine times revenue. The Commanders’ deal carried a multiple near 11, while the Seahawks’ sale price topped out at over 14 times revenue.
Why valuations could keep climbing
Khan points to a combination of forces that should keep pushing franchise prices higher: private equity investment, expanding media deals, and community building.
Comparable deals in other sports suggest the NFL’s multiples have room to grow. Mark Walter is looking to sell the Los Angeles Lakers to Joshua Kushner and Bob Iger for $12.5 billion, a price equal to roughly 20 times revenue. The NFL is more profitable than the NBA and dominates television ratings, making its teams relatively attractive.
Further, about a third of NFL teams are building new stadiums or undergoing major renovations, which should fuel revenue growth. The league is also expanding its international footprint, with a record nine games abroad this season and 10 scheduled for 2027.
“The big story is that the NFL is still greatly undervalued,” Khan said.
When asked directly whether a team could someday pass a $100 billion valuation, Khan did not flinch.
Source: www.cnbc.com — https://www.cnbc.com/2026/09/09/nfl-teams-still-undervalued-says-jacksonville-jaguars-owner-shad-khan.html
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