The top 20 owners on this year’s Forbes 400 list are worth a collective $382 billion. And for most, the NFL, NBA and MLB remain a very lucrative side hustle.
By Justin Birnbaum, Forbes Staff
When Jerry Jones bought the Dallas Cowboys in 1989, he spent $150 million on a franchise then-considered to be a financial mess. “I didn’t sleep,” he told Forbes of that time of his life. But the gamble paid off. Jones turned around America’s Team, won three Super Bowls and transformed the Cowboys into the most valuable sports franchise on the planet, worth an estimated $9 billion.
In 2004, the team also made Jones a billionaire, ten years after he first appeared on The Forbes 400, which ranks the wealthiest Americans. The rapid appreciation of sports franchises— the average value of teams in the four major American leagues has risen nearly 1,300% from 1998 to 2022—has had a similar effect on several wealthy owners who bought in years ago, including the New England Patriots’ Robert Kraft and the Indianapolis Colts’ Jim Irsay. That’s unlikely to happen again.
Today, purchasing a controlling stake in these trophy assets is reserved for a select few—the richest of the ultra-rich. Take Rob Walton, the 78-year-old son of Walmart’s late cofounder, Sam Walton (d. 1992), who ranks 13th on The Forbes 400 with an estimated $67.4 billion, largely in Walmart stock. He flexed his purchasing power last year, outbidding several other multi-billionaires to pick up the Denver Broncos for $4.65 billion, then the highest price ever paid for a sports team.
Of America’ richest sports owners, 16 attribute more than 50% of their fortunes to sources beyond their teams. Leading the charge as the wealthiest owner, for the ninth consecutive year, is Los Angeles Clippers owner Steve Ballmer, No. 9 on The Forbes 400 with an estimated net worth of $101 billion. Like Walton, most of Ballmer’s fortune is tied up in the public markets, specifically Microsoft stock. The same goes for Rocket Companies founder and Cleveland Cavaliers owner Daniel Gilbert, No. 3 among sports owners with an estimated $21.3 billion fortune. The next-richest owners—David Tepper ($20.6 billion), who owns the Carolina Panthers and Charlotte FC, and Steve Cohen ($19.8 billion), who owns the New York Mets—built and continue to grow their wealth through their hedge funds.
And for as difficult as it is to buy a major sports team, it’s even harder to rank among the 20 richest owners. Mat Ishbia, the 43-year-old CEO of United Wholesale Mortgage who’s worth an estimated $6.7 billion, bought the Phoenix Suns earlier this year at a league-record $4 billion valuation. Over in the NFL, private equity billionaire Josh Harris, worth an estimated $6.9 billion, made a similar statement when he led the most expensive purchase in sports history this summer, buying the Washington Commanders for $6.05 billion. Yet both fall short of the $7.2 billion cutoff needed to be one of the 20 wealthiest people in an owner’s box.
Meanwhile, Memphis Grizzlies owner Robert Pera came close to falling off the list this year. After ranking No. 4 among sports owners last year, his fortune—which is largely tied up in Ubiquiti Networks, the wireless equipment maker he founded and operates as CEO—fell more than 50%, to an estimated $8.3 billion. And despite a $100 million increase to his net worth over the past year, Buffalo Bills and Sabres owner Terrence Pegula fell outside 2023’s top 20. Others leaving the top 20 this year include Seattle Kraken owner David Bonderman, Washington Nationals owner Ted Lerner (passed away in February) and the Los Angeles Kings’ Edward Roski. (Forbes credits Philip Anschutz as the controlling owner of the NHL franchise.)
Among the biggest winners in 2023 is Cleveland Browns and Columbus Crew owner Jimmy Haslam, who entered the top 20 this year, boasting the most substantial gain among the sports owners. The chairman of Pilot Flying J, the truck stop business founded by his father, is far richer this year after Berkshire Hathaway paid a hefty $8.2 billion for roughly 41% of the company. Semiconductor billionaire and Anaheim Ducks owner Henry Samueli also had a big year, with a near 50% increase to an estimated $10 billion. Private equity billionaires Tom Gores (Detroit Pistons) and Antony Ressler (Atlanta Hawks), both richer this year, also climbed into the top 20.
In total, America’s 20 richest sports owners are worth a combined $382 billion, up 10% from a year ago. Among this year’s list, 11 own NFL teams, 9 are soccer owners (including MLS and European clubs), 8 have NBA franchises, 2 control NHL clubs and one owns an MLB squad. More than two-thirds of them are richer than a year ago, thanks to rising sports team valuations and favorable public markets. Forbes’ ranking takes into consideration controlling owners of major sports franchises directly or through personal companies. Ownership through public companies or private equity funds is excluded.
HERE ARE AMERICA’S 20 RICHEST SPORTS OWNERS.
Team: Los Angeles Clippers
Source of Wealth: Microsoft
Net Worth: $101 billion (1-Year Change: 21.7%)
The former Microsoft CEO bought the Clippers from embattled owner Donald Sterling in 2014 for $2 billion, and while the team is still chasing its first NBA title, it has nearly doubled in value to $3.9 billion. Next year, Ballmer will finally move the Clippers into their own home, the $2 billion Intuit Dome in Inglewood.
Team: Denver Broncos
Source of Wealth: Walmart
Net Worth: $67.4 billion (1-Year Change: 18.9%)
Walton’s Broncos had a poor showing in 2022, going 5-12 after a blockbuster trade to acquire Pro Bowl quarterback Russell Wilson. Even after a slow, 1-3 start this season, expectations remain high after the franchise brought Super Bowl-winning coach Sean Payton out of retirement.
Team: Cleveland Cavaliers
Source of Wealth: Quicken Loans
Net Worth: $21.3 billion (1-Year Change: 23.1%)
Gilbert and the Cavaliers a big splash in 2022, acquiring four-time NBA All-Star Donovan Mitchell and snapping a five-year playoff drought. His Rocket Companies had a big summer as well, with its stock price climbing to nearly $12 after dipping close to $6 last October. (Shares are currently hovering around $8.)
Team: Carolina Panthers, Charlotte FC
Source of Wealth: Hedge funds
Net Worth: $20.6 billion (1-Year Change: 11.4%)
Tepper’s grand plans to build an $800 million practice facility for the Panthers failed dramatically due to a dispute between the billionaire and local leaders. His attempts to secure taxpayer money to rebuild or renovate the 27-year-old Bank of America stadium aren’t progressing very much either, with one official saying the county would “not participate in any financial support.”
Team: New York Mets
Source of Wealth: Hedge funds
Net Worth: $19.8 billion (1-Year Change: 13.1%)
Cohen’s plans to build a casino next to Citi Field hit a roadblock in May when New York state lawmakers temporarily blocked legislation for the project to move forward. In the meantime, the 67-year-old hedge fund billionaire is retooling his baseball roster after shipping high-priced acquisitions, Max Scherzer and Justin Verlander, to new teams at the trade deadline.
Team: Los Angeles Kings, LA Galaxy
Source of Wealth: Energy, sports, entertainment
Net Worth: $14.8 billion (1-Year Change: 34.5%)
The 83-year-old billionaire was one of MLS’ original owners when the league launched in 1996. His LA Galaxy has since climbed to a $925 million valuation, second only to crosstown rival LAFC, the league’s first franchise to cross the $1 billion threshold.
Team: Los Angeles Rams, Arsenal F.C., Denver Nuggets, Colorado Avalanche, Colorado Rapids
Source of Wealth: Sports, real estate
Net Worth: $14.6 billion (1-Year Change: 13.2%)
“Silent Stan” may be running out of room in his trophy case. In the last two years, his Los Angeles Rams (NFL), Colorado Avalanche (NHL) and Colorado Mammoth (National Lacrosse League) have all claimed titles, culminating with his Denver Nuggets winning the NBA championship in June.
Team: Dallas Cowboys
Source of Wealth: Dallas Cowboys
Net Worth: $14.5 billion (1-Year Change: -9.4%)
Jones’ Cowboys haven’t won a Super Bowl since 1995 and yet they are are more valuable than ever, with league-high 2022 revenues of $1.1 billion. His net worth took a slight hit due to a decline in Comstock Resources, the natural gas company he invested in five years ago.
Team: Jacksonville Jaguars, Fulham F.C.
Source of Wealth: Auto parts
Net Worth: $12.2 billion (1-Year Change: 8.9%)
The NFL’s days in Jacksonville could be numbered as Khan’s Jaguars push for roughly $1 billion in public money to renovate TIAA Bank Stadium. A new deal remains unlikely and, improbable as it may be, London has been floated as a possible relocation destination for the team, considering the Jaguars have played across this pond each of the last ten seasons.
Team: New England Patriots, New England Revolution
Source of Wealth: Manufacturing, New England Patriots
Net Worth: $11.1 billion (1-Year Change: 4.7%)
As Kraft’s New England Revolution soccer club still seeks their own stadium, his dynastic Patriots are giving their home a facelift. Gillette Stadium’s latest round of renovations are expected to cost $250 million, the largest investment into the venue since its opening in 2002.
Team: Miami Dolphins
Source of Wealth: Real estate
Net Worth: $10.1 billion (1-Year Change: -12.9%)
Miami’s hot start this football season has Ross and the Dolphins ready to party like its 1972. Meanwhile, the 83-year-old owner has started looking into real estate development projects in his hometown of Detroit.
Team: Anaheim Ducks
Source of Wealth: Semiconductors
Net Worth: $10 billion (1-Year Change: 49.3%)
Samueli’s once mighty Ducks have seen better days—the team was the worst in the NHL last season. But while he rebuilds on the ice, Samueli is investing in the future of the industry that made him a billionaire, gifting $50 million to his namesake School of Engineering at the University of California, Irvine.
Team: Cleveland Browns, Columbus Crew, Milwaukee Bucks
Source of Wealth: Gas stations, retail
Net Worth: $8.7 billion (1-Year Change: 74%)
Haslam’s Browns are also knee-deep in stadium drama. Cleveland fans can exhale, though, as Haslam said in July that the franchise would not leave Northeastern Ohio—again.
Team: Memphis Grizzlies
Source of Wealth: Wireless networking
Net Worth: $8.3 billion (1-Year Change: -52.8%)
Pera’s Grizzlies are one of the NBA’s least valuable teams, ranking 29th at $1.65 billion. Not helping their public image is the gun-related controversy surrounding the team’s star player, Ja Morant, who will sit out 25 games to start the 2023-24 season.
Team: Detroit Pistons
Source of Wealth: Private equity
Net Worth: $8.1 billion (1-Year Change: 32.8%)
Six years after moving the Pistons from Auburn Hills to downtown Detroit, Gores has turned his sights onto a $2.5 billion development project in the city’s New Center neighborhood. He hopes to start construction in the next few years.
Team: Atlanta Hawks
Source of Wealth: Private equity
Net Worth: $8.1 billion (1-Year Change: 39.7%)
Ressler cofounded private equity firms Apollo Global Management and its spin-off, Ares Management, the latter of which has become one of the most aggressive sports investors in the PE space. In September, Ares made its latest move by plowing $500 million into the Premier League’s Chelsea FC.
Team: ACF Fiorentina
Source of Wealth: Telecom
Net Worth: $8 billion (1-Year Change: 3.9%)
When Commisso wanted to buy a pro sports team, his wife insisted it had to be somewhere with nice weather. The CEO of cable giant Mediacom fulfilled that criteria when he bought Florence-based ACF Fiorentina in 2019 for an undisclosed price, reportedly between $150 million and $200 million.
Team: Houston Rockets
Source of Wealth: Houston Rockets, entertainment
Net Worth: $8 billion (1-Year Change: 3.9%)
The 66-year-old Fertitta flirted with the idea of buying the NFL’s Washington Commanders earlier this year. He drew the line at a $5.6 billion bid and the final sale price ended up nearly $500 million higher.
Team: Atlanta Falcons, Atlanta United
Source of Wealth: Home Depot
Net Worth: $7.9 billion (1-Year Change: 3.9%)
The Home Depot cofounder recently gifted $22 million to a northwest Atlanta neighborhood through his namesake foundation in a bid to help an agency that for years has struggled to build affordable housing in the area.
Team: Baltimore Ravens
Source of Wealth: Staffing, Baltimore Ravens
Net Worth: $7.2 billion (1-Year Change: 12.5%)
Bisciotti’s Ravens gave star quarterback Lamar Jackson a $260 million contract in April, then the largest signing by average annual value in NFL history. Joe Burrow’s new deal with Baltimore’s rival Cincinnati Bengals surpassed that mark just before the NFL season started, but Jackson’s upfront payment meant ensures he’s the highest-paid player in the NFL this season.
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