Donald Trump passed on Dallas opportunity
Donald Trump said in a 1984 interview that 3 or 4 NFL teams were available, including the Dallas Cowboys. He said he could have bought an NFL club for $40 million or $50 million, although contemporary reports put the Cowboys’ actual 1984 sale price at about $80 million.
Trump argued that an established NFL franchise offered limited room for financial growth. He also called buying the Cowboys a “no-win situation,” reasoning that a new owner would receive little credit for continued success but considerable criticism if the team struggled.
Donald Trump watched Dallas change owners
H.R. “Bum” Bright led the group that bought the Dallas Cowboys from Clint Murchison Jr. in 1984. Historical accounts place the transaction at roughly $75 million to $85 million at the time.
Bright controlled the franchise until 1989, when Jerry Jones purchased the Cowboys and Texas Stadium for about $140 million. Jones took ownership five years after the Murchison sale in Dallas.
Donald Trump chose the USFL instead
Trump owned the New Jersey Generals of the United States Football League while pursuing his broader ambitions in professional football. The USFL played its games in the spring during the 1983, 1984 and 1985 seasons.
The Generals signed 1984 Heisman Trophy winner Doug Flutie before the 1985 season. Contemporary reports put the agreement at at least $7 million over at least 5 years, while later accounts described it as a 6-year deal worth about $8.3 million.
The USFL planned to move to a fall schedule in 1986 but canceled that season after the verdict in its antitrust case against the NFL. The league never played another game.
Jerry Jones paid $140 million in 1989
Jerry Jones bought the Cowboys and Texas Stadium from Bright in 1989 for about $140 million. Bright had initially sought $200 million before lowering the asking price to $140 million after Dallas finished the 1988 season 3-13.
The final deal allocated $65 million to the Cowboys and $75 million to Texas Stadium. Jones contributed roughly $90 million in cash and borrowed about $50 million, putting his assets up as collateral.
The Cowboys were also losing just under $1 million per month when Jones purchased the franchise.
Jerry Jones quickly rebuilt Dallas
Dallas finished 1-15 in Jones’s first season as owner in 1989. The franchise then built a roster that won Super Bowls following the 1992, 1993, and 1995 seasons.
Jones became the first NFL owner to win three Super Bowls within his first seven years. Dallas also collected six division titles and seven playoff appearances during its first decade.
Jerry Jones expanded the Cowboys brand
Jones expanded the Cowboys’ business strategy through sponsorships, stadium management, television negotiations, and independent branding. His commercial approach influenced how NFL franchises developed revenue opportunities beyond traditional ticket sales.
The Pro Football Hall of Fame credits Jones with shaping marketing, sponsorship, television, and stadium practices across the league. Those contributions helped earn him contributor induction in 2017.
Dallas Cowboys opened AT&T Stadium
AT&T Stadium opened in Arlington in 2009 and became the Cowboys’ home field. The venue formed a major part of Jones’s long-term effort to expand the franchise beyond NFL games.
The stadium can accommodate more than 100,000 people for some events and hosts football matches, concerts, and major productions. Its development permanently added a large entertainment venue to the Dallas area.
Dallas Cowboys built The Star
The Cowboys developed The Star in Frisco, a 91-acre mixed-use complex that opened in 2016. The project houses franchise headquarters and training facilities beside commercial, hospitality, and public areas.
The Star combines football operations with offices, retail, dining, and community spaces. The development extended the Cowboys brand beyond game days and strengthened the franchise’s business presence north of Dallas.
Dallas Cowboys reached $13 billion
Forbes valued the Dallas Cowboys at $13 billion in its 2025 NFL rankings, placing the franchise first among professional sports teams and setting a new sports valuation record at the time.
The Golden State Warriors ranked second at $11 billion, while the Los Angeles Rams followed at $10.5 billion. Dallas, therefore, held a $2 billion valuation lead over its nearest rival.
Dallas Cowboys lead sports profits
Forbes estimated the Cowboys generated $629 million in operating income for the latest season measured. That figure ranked Dallas first among the world’s most profitable sports franchises in 2026 overall.
Dallas finished more than $200 million ahead of the Golden State Warriors, ranked second at an estimated $409 million. NFL teams benefited from rising revenue from media, sponsorship, and premium seating.
Fun fact: The Dallas Cowboys were briefly called the Dallas Rangers before officials changed the name to avoid confusion with a local baseball team.
Donald Trump missed decades of value growth
Trump said in 1984 that he could have bought an NFL club for $40 million or $50 million and named the Cowboys among several available franchises. The Cowboys themselves were sold that year for roughly $80 million, according to contemporary reporting.
The financial comparison has grown even more striking. Forbes valued Dallas at $13 billion in 2025, while Sportico’s new Aug. 12, 2026, valuation puts the Cowboys at $15.5 billion.
The comparison illustrates the extraordinary rise in NFL franchise values over more than four decades. It does not establish that Trump could have bought the Cowboys for exactly $50 million or that a different owner would have produced the same results achieved under Jerry Jones.
Dallas value grew without recent titles
Dallas has not appeared in a Super Bowl since the 1995 season, when the Cowboys defeated Pittsburgh in Super Bowl XXX on Jan. 28, 1996. The franchise’s financial value nevertheless continued to climb.
Forbes ranked Dallas as the world’s most valuable sports team at $13 billion in its 2025 global list. Sportico’s Aug. 12, 2026, NFL valuation now places the Cowboys at $15.5 billion.
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Donald Trump’s 1984 view looks different today
Trump’s 1984 assessment focused on the limited financial upside and the reputational risk of owning an already-famous NFL franchise. Under Jerry Jones, Dallas later added 3 Super Bowl championships while becoming an even larger commercial force.
Trump’s skepticism looks very different in hindsight. Sportico valued the Cowboys at $15.5 billion on Aug. 12, 2026, although that does not mean Trump personally forfeited $15.5 billion or that another owner would have produced the same financial outcome.
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Donald Trump questioned the Cowboys’ investment potential in 1984 before the franchise eventually reached a $13 billion valuation. Would you have taken the ownership gamble at the time? Share your thoughts in the comments below!
This slideshow was made with AI assistance and human editing.
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