Forbes’ latest accounting makes a simple, undeniable point: American sports are a roaring economic success. Twenty-five years ago the big four leagues combined for about $30 billion in value; today those franchises are worth well over half a trillion dollars, a figure that shows what happens when private capital and consumer demand are allowed to flourish.
The biggest percentage winner is the Golden State Warriors, whose value exploded from roughly $168 million to $11 billion — a gain of more than six thousand percent. That kind of return didn’t come from government handouts or woke management memos; it came from wise investment in players, arenas, branding, and the relentless ability to convert fans into revenue.
In raw dollars the Dallas Cowboys stand alone at the summit, now worth about $13 billion after decades of savvy marketing and stadium deals. Jerry Jones’ model is textbook capitalism: build a brand, monetize assets, create entertainment that people will pay for, and watch value compound — something critics on the left still pretend is easy to attack but never replicate.
The biggest single engine behind these returns has been TV and media rights, especially in the NFL, where multi-decade deals now guarantee tens of billions in revenue and stabilize franchise economics. That guaranteed cash flow makes teams secure investments and explains why ownership groups keep showing up with bigger checks rather than quitting when seasons go bad.
Valuation math tells the rest of the story: teams are being valued at far higher multiples of revenue than they were in 2000, with league averages jumping from single digits to roughly ten times revenue and NBA franchises commanding even richer multiples. Investors aren’t sentimental; they chase predictable returns, and professional sports have proven to be among the most reliable long-term growth stories in American business.
Look at the profiles of early buyers and you see the American dream in action — people who took risks, built businesses, and were rewarded when markets recognized their stewardship. Those success stories should be celebrated, not demonized, because ownership creates jobs, funds community projects, and frequently underwrites stadiums and local development without putting that burden on taxpayers.
If there’s a single lesson from this quarter-century surge it’s that free markets work when left alone to let entrepreneurship, competition, and fan choice determine winners and losers. Hardworking Americans should be proud that our culture and our capitalism can produce institutions that unite towns and generate enormous value — and they should resist any impulse to punish success with punitive taxes or bureaucratic interference.
