Jacksonville Jaguars owner Shad Khan told CNBC that despite soaring franchise prices, NFL teams remain significantly undervalued relative to other professional sports leagues. In an exclusive interview released Wednesday, Khan predicted the upward trajectory for NFL valuations is nearly limitless, driven by a combination of expanding media rights, increased private equity participation, and strong community engagement.
According to CNBC’s 2026 Official NFL Team Valuations report, the average league franchise is now worth $10.36 billion, marking a 35% increase from the previous year. This surge highlights a dramatic shift in the market, with recent sale prices far outpacing previous records. The Seattle Seahawks recently sold for an NFL-record $9.61 billion, a figure that is 59% higher than the $6.05 billion Washington Commanders fetched in 2023. Prior to that, the Denver Broncos sold in 2022 for approximately 30% less than the Commanders deal.
Khan, who acquired the Jaguars in 2011 for $770 million, noted that the team is now valued at $9.35 billion. This represents an annualized return of roughly 18%. At that compound growth rate, Khan suggested the franchise could be worth $112 billion by 2041.
A key indicator of investor enthusiasm is the rising price-to-revenue multiple. The Denver Broncos sold for approximately nine times revenue, while the Washington Commanders commanded a multiple of around 11. The Seahawks deal exceeded 14 times revenue. For comparison, Mark Walter’s planned sale of the Los Angeles Lakers to Joshua Kushner and Bob Iger for $12.5 billion reflects a multiple of roughly 20 times revenue.
Khan argued that the NFL’s multiple has likely not peaked. He cited the league’s superior profitability and dominance in television ratings compared to the NBA as factors supporting further appreciation. Additionally, about a third of NFL teams are currently building new stadiums or renovating existing facilities, which is expected to drive further revenue growth.
The league is also aggressively expanding its global footprint. This season features a record nine international games, with the slate set to grow to 10 in 2027. Khan reiterated that the core story for investors is that the NFL remains greatly undervalued.
When asked directly if any team could breach the $100 billion valuation threshold, Khan did not dismiss the possibility. “It’s going to be a big number,” he said.
The Seahawks deal was insane, but $12.5 billion for the Lakers still seems like a higher ceiling.
I wonder if ticket prices will ever actually become affordable again with these soaring valuations.
Undervalued? Really? Those price tags are already astronomical compared to every other sport.
Ninety-three percent ROI over fifteen years? I need that investment strategy immediately.
Shad Khan is making a compelling case. The media rights deals alone justify those valuations.
Is anyone else worried about what this inflation of sports team costs does for the average fan?