The Dallas Cowboys aren’t on the market, and Stephen Jones made that clear enough on 105.3 The Fan - but he also didn’t slam the door on the idea of bringing in a minority partner down the road.
Asked about the possibility of selling a minority ownership stake in the franchise, the Cowboys executive vice president said the family would be selective if it ever chose to go that route.
“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. 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,” Jones said.
“It made sense for a lot of different reasons. And every owner who chooses to go that path can speak for themselves in terms of why they’re doing it, but I think it’s a great tool.
I think it makes the league stronger, personally. Certainly, it’s not something that we would ever totally rule out, but I wouldn’t say anything is on the front-burner, either.”
That’s a far cry from a full sale, and it fits with Jerry Jones’ long-standing stance that he’ll “never” sell the Cowboys. Still, Stephen Jones left open the possibility that the family could consider a smaller deal if the right partner came along.
The financial side tells the story, too. Back in August 2025, the Cowboys were estimated to be worth $12.8 billion. Forbes listed them as the most profitable team in sports.
That number would dwarf the recent sale prices around the league. The Seattle Seahawks sold to a group led by Vinod Khosla for a record $9.612 billion.
ESPN’s Seth Wickersham and Adam Schefter noted that the last NFL team to hit the market was the Washington Commanders, who were bought by a group led by Josh Harris for $6.05 billion in 2023. Before that, the Walton-Penner family purchased the Denver Broncos for $4.65 billion in 2022.
They also pointed out that the record price for any American sports franchise is $10 billion, set when Mark Walter agreed to purchase majority ownership in the Los Angeles Lakers from the Buss family in 2025.
If the Cowboys ever do decide to sell, even a slice of the team would come with a staggering price tag.
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