The Dallas Cowboys have long been the crown jewel of the NFL, and Jerry Jones has repeatedly insisted he'll "never" sell the team. But what about his son, Stephen? During a recent appearance on 105.3 The Fan, the Cowboys' executive vice president was asked whether the family would consider selling a minority ownership stake in the franchise. His answer? It's not off the table.
"We wouldn't rule it out, but we'd also be very particular about who we would bring in as a partner in terms of that," Stephen Jones said. "But yes, it was designed when we passed that rule that you could have private equity involved in the NFL, and you could have minority partners."
The NFL's 2024 decision to allow private equity firms to purchase up to a 10% stake in teams has opened new financial avenues for owners. Jones acknowledged that the rule "made sense for a lot of different reasons," and he believes it strengthens the league overall. "I think it's a great tool," he added. "Certainly, it's not something that we would ever totally rule out, but I wouldn't say anything is on the front-burner, either."
For now, the Jones family seems content with the status quo, but the financial allure is undeniable. The Cowboys are valued at a staggering $12.8 billion, according to Forbes, making them the most profitable sports franchise on the planet. That valuation would dwarf the recent record sale of the Seattle Seahawks, which went for $9.612 billion to a group led by Vinod Khosla.
To put that in perspective, the Washington Commanders sold for $6.05 billion in 2023, and the Denver Broncos fetched $4.65 billion in 2022. The highest price ever paid for an American sports team is $10 billion, set when Mark Walter acquired majority control of the Los Angeles Lakers in 2025. A Cowboys sale, even a minority stake, would likely shatter those numbers.
While Stephen Jones didn't name any potential investors, the possibility of bringing in outside money could help fund stadium upgrades or player acquisitions. The Cowboys have been overhauling their practice approach under new head coach Brian Schottenheimer, who has emphasized a more physical brand of football to address the team's defensive struggles.
Still, any sale would be a delicate dance. The Jones family has always maintained tight control over the franchise, and Stephen made it clear that they'd be selective about who they'd welcome into the fold. "Every owner who chooses to go that path can speak for themselves in terms of why they're doing it," he said.
The Cowboys are coming off a disappointing 2025 season that saw them miss the playoffs, and Jerry Jones has admitted to feeling personal pressure heading into a make-or-break 2026. Adding a wealthy minority partner could provide a financial cushion, but it might also complicate the family's decision-making process.
For now, the Cowboys remain firmly in the Jones family's hands, but the door is ajar. As Stephen put it, "I think it makes the league stronger, personally." Whether that translates to a new partner in Dallas remains to be seen, but the possibility is real.
