Jerry Jones discusses a limited sale
Jerry Jones, owner and general manager of the Dallas Cowboys, said he has no current plan to expand the ownership group. However, he expressed openness to discussing a minority stake with Mark Cuban.
Jones praised Cuban’s character, sports experience, and record with the Dallas Mavericks. The Cowboys have not announced a sale process, an ownership percentage, an agreement, proposed partner terms, or a completed transaction involving Cuban.
Stephen Jones keeps control central
Stephen Jones said Dallas would not completely rule out a minority investor. The Cowboys executive vice president added that the family would remain highly selective about any person or fund entering the ownership structure.
He also said the subject was not on the front burner. Dallas is discussing a financial option allowed under league rules, not actively marketing equity or preparing to surrender operating control.
Dallas carries a $13 billion value
The Cowboys were estimated at $13 billion in 2025, ranking first among NFL franchises for the 19th consecutive year. That figure rose 29% from 2024 and doubled within four years.
A 10% share based on that estimate would equal about $1.3 billion before negotiations, discounts, premiums, taxes, or expenses. Any completed transaction could use a different valuation, resulting in a different price.
Cowboys revenue limits financial pressure
Dallas generated an estimated $1.2 billion in revenue during the 2024 season. Forbes reported that the Cowboys were nearly $500 million ahead of any other NFL team in revenue and recorded about $629 million in operating income.
Those figures place Dallas far above other NFL teams in annual business performance. Selling equity would provide immediate cash, while continued ownership would preserve the family’s share of future team revenue.
Jerry Jones transformed team value
Jerry Jones purchased the Cowboys for approximately $140 million on February 25, 1989. He invested about $90 million in cash and borrowed roughly $50 million to complete the full acquisition.
Dallas later won three Super Bowls during the 1992, 1993, and 1995 seasons. The 2025 estimate of $13 billion was nearly 93 times the franchise’s reported original 1989 purchase price.
NFL rules permit smaller investments
NFL owners approved private equity participation in August 2024. A franchise may sell approved funds a combined ownership share of up to 10%, while each individual investment must represent at least 3%.
The policy gives owners another source of capital for stadium work, training facilities, or other major projects. Dallas could consider that route without placing the entire franchise or operating authority on the market.
Private equity investors receive no votes
Approved private equity funds receive no voting rights or operational authority under NFL policy. Their investments remain passive, leaving team management and football decisions entirely in the hands of each franchise’s controlling ownership.
Funds may collectively acquire no more than 10% of one team, and each investment must equal at least 3%. Those limits would allow the Jones family to retain control after an eligible minority transaction.
NFL investments face strict limits
Approved funds must hold their initial NFL investment for at least six years. A participating fund may own interests in up to six franchises, subject to league disclosure requirements and ongoing oversight.
These restrictions limit quick resale strategies. Any Cowboys transaction involving institutional capital would require an approved fund, league review, and terms that match the family’s selective approach to potential ownership partners.
Mark Cuban brings ownership experience
Mark Cuban sold control of the Dallas Mavericks in 2023 but retained a reported 27% stake. His experience leading a major Dallas sports franchise explains Jerry Jones’ interest in him as a partner.
Cuban also helped launch Harbinger Sports Partners, which acquired a minority interest in the Athletics in July 2026. Any Cowboys investment would still require compliance with NFL ownership rules and league review.
AT&T Stadium faces recurring sun glare
AT&T Stadium opened in Arlington, Texas, in 2009. Its unusual east-to-west field alignment allows late afternoon sunlight to enter through the large glass panels at the building’s western end.
The glare has affected several plays during Cowboys games. Jerry Jones repeatedly rejected curtains for NFL contests and argued that Dallas should understand where the sun would appear inside its own stadium.
CeeDee Lamb renewed glare concerns
Cowboys receiver CeeDee Lamb lost sight of a pass in the sunlight during a November 2024 game against the Philadelphia Eagles. The incomplete pass prevented a possible first-half touchdown.
Philadelphia won 34-6. Jones rejected renewed calls for curtains after the game and said the Cowboys should know where the sun would appear when playing inside their own stadium.
World Cup organizers blocked the glare
Black curtains covered AT&T Stadium’s western windows for the World Cup match between Japan and Sweden on June 25, 2026. The game began at 6 PM, before an 8:40 PM sunset.
Japan and Sweden drew 1-1, and both teams advanced to the round of 32. FIFA used temporary curtains to prevent direct sunlight from entering the field during play.
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Jerry Jones may consider window tinting
Jerry Jones said in early August 2026 that he would consider tinting AT&T Stadium’s windows after reviewing the World Cup glare controls. He did not approve or schedule a permanent project.
Jones said he liked the potential visual impact of tinting but remained concerned about altering the stadium’s appearance. Dallas has not announced a final design, installation date, construction contract, or completed modification.
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Would you support the Jones family selling part of the Dallas Cowboys while keeping control, or should ownership remain unchanged? Share your thoughts in the comments below!
This slideshow was made with AI assistance and human editing.
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