Doesn’t matter whether you win or lose — it’s how you sell TV ads.
A recent Forbes article says the Cowboys are worth $13 billion. That’s a big number, but if they were ever actually up for sale, it would almost certainly go higher.
I’d bet if you looked at past Forbes valuations and compared them to actual sale prices, you’d be a lot less confident in their analysis.
But here’s the part these articles always throw in:
“They’re worth this much even though they haven’t won anything in years.”
That misses the point entirely.
Winning isn’t what drives franchise value. Look at the other teams near the top — the Giants, the Rams, the 49ers, and Washington.
None of them are exactly stacking Lombardis lately.
It’s not about rings. It’s about revenue.
According to Forbes, the Cowboys brought in $1.2 billion in revenue last year, with $629 million in operating income. That’s what matters. The market values what a business makes — or what it could make.
Championships are nice for fans, but they’re almost irrelevant to valuation. Would it be worth more if they also won? Maybe. But if everyone’s already watching, already buying tickets, and already loading up on merch, how much more can that really move the needle?
Looks like dumb ol’ Jerry has put one over on you again.
To real estate (something Jerry also knows a thing or two about).
When we value a strip center, we don’t walk through the bathrooms and start assigning dollar amounts based on fixtures. We take the net income and apply a cap rate.
Land’s the same way. Two tracts might look similar on the surface, but if one allows commercial use and the other is restricted to residential, which is worth more? And lower development costs almost always override any advantage a tract might have from being “prettier.”
The value isn’t in how it looks today. It’s in what you can do with it tomorrow.
That’s why you need a broker who actually understands what drives value. A beautiful piece of land that’s impossible to develop is worth less than the ugly, flat one you can build on. Future use is everything.
I don’t know much about houses, so I don’t sell them — even though I’m licensed to. A lot of agents don’t know land, but that doesn’t stop them from acting like they do. And they sure don’t return the favor.
So it falls on you to pay attention when it’s time to buy or sell land, and work with an agent who actually understands these things.
Is it ever a bad time to just have a conversation?
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